Australia’s Treasury Wine Estates is opening its books to Kohlberg Kravis Roberts (KKR) after the private equity giant hiked its takeover offer to $3.15bn (€2.35bn), raising the prospect of a bidding war for the world’s second biggest winemaker. Treasury, which rejected a $2.9bn unsolicited bid from KKR in April, said the 10.6pc rise in the offer meant it was now “in the interests of shareholders to engage further”. Asia’s growing appetite for wine, the value of Treasury’s Penfolds label and an ongoing restructuring are helping to turn perceptions of the company’s prospects around after 2013 saw profits slump 38pc  in the six months to February. China’s Bright Food Group, France’s Pernod Ricard and the world’s biggest winemaker, US-based Constellation Brands, have all been mooted as potential buyers of Treasury. 5/8/2014