(Decanter) - Speculation is growing that Penfold's and Wolf Blass owner Treasury Wine Estates could be a takeover target, with a rumoured price tag as high as A$4bn-plus. According to reports in the Australian press, analysts are increasingly convinced that Treasury Wine Estates will be the subject of a takeover bid, as the Australian wine industry returns to balance after years of over-supply issues. Despite declines in recent months, the company’s share price has climbed by well over one-third since it was spun off by former parent company Foster’s in May 2011.