Chief Executive Officer Ian Johnston said that Foster’s Group Ltd., which is the Australia’s largest beer and winemaker, hasn’t acknowledged tenders to acquire either business.

“Nobody’s approached us for either the wine or the beer business to be honest”, said Johnston to the Australian Broadcasting Corp.’s Inside Business program today.

Foster’s Group Ltd. posted its lowest first-half profit in four years. Rise in the nation’s currency has slashed the value of overseas sales and wine demand fell.

“That is a big issue for the industry and we can’t see a short-term solution. About one quarter of Australia’s vineyards may have to be pulled out to ease the glut”, said Johnston.

Foster’s shares chop down by 2.7%. It closed at A$5.50 on February 19. They didn’t change this year.