The French group - which owns Absolut Vodka, Jameson Whiskey, Olmeca Tequila and Beefeater Gin - announced the sale of seven wineries in Australia, New Zealand and Spain, saying it would allow the company to direct more resources to its premium spirits and champagne brands, which "drive the growth of business".

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The deal comes after wine consumption globally hit a 27-year low last year, according to an estimate by the International Organisation of Vine and Wine (OIV), an industry group.