The Penfolds brand owner said it had not received offers of "compelling value" and that keeping the brands was "the best course of action".

Treasury Wine Estates (OTC: TSRYF), the producer of Penfolds wine, scrapped its plan to sell its budget wine division after failing to secure an attractive offer. The decision came alongside a lowered annual

Penfolds wine producer Treasury Wine Estates pulled the sale of its cheap drinks division after failing to find an attractive offer and cut its prediction for annual profit, sending its shares tumbling.

Treasury Wine Estates admitted defeat in its effort to divest brands including Wolf Blass and Blossom Hill, moderating its annual earnings guidance amid weaker sales of its cheaper products.