Multi-national brewer SABMiller has agreed with Foster’s Group Limited a recommended cash offer to Foster’s shareholders at A$5.10 per share, which values Foster’s equity at approximately A$9.9 billion. The agreement is the culmination of a long-running series of negotiations between the two companies, with SABMiller recently mounting pressure on the Australian brewer. As part of the transaction, Foster’s will pay its shareholders a return of capital of A$0.30 per share prior... ...Read more »

The latest speculation suggests American confectionery company Hershey will be a late entry into the race for Cadbury, presenting competition to Kraft’s hostile proposal. According to the Financial Times, the Hershey Trust has given the go-ahead for a formal offer to be presented to Cadbury prior to the January 23 deadline. The long running ‘will they or won’t they’ questioning will soon be over as the two possible counterbidders – Ferrero and Hershey – near the... ...Read more »

Kraft Foods said today (15 December) that it had received clearance from US competition authorities to proceed with its proposed acquisition of UK confectioner Cadbury. Cadbury management has repeatedly rejected Kraft’s GBP10bn (US$16.25bn) cash-and-stock offer, arguing that it undervalues the company and its future prospects. However, Kraft has taken its bid directly to shareholders, who have until 5 January to decide whether or not to accept the deal. In a statement to the London Stock Exchange,... ...Read more »

Italian dairy giant Parmalat has reportedly dismissed speculation of a possible bid for the dairy unit of Australia’s Goodman Fielder. Italian newspaper La Repubblica said in an unsourced report over the weekend that Parmalat had hired an investment bank as they considered a play for the dairy unit of Goodman Fielder. “There is no interest,” a source close to the situation told Reuters in response to the report. Goodman Fielder’s dairy unit is based in New Zealand and was... ...Read more »

Italian-based dairy group Parmalat SpA is considering a bid for the dairy unit of Australia’s largest food company – Goodman Fielder, according to Italian reports. Parmalat, which owns the Pauls, Vaalia and Physical brands, last year failed in an attempt to expand their dairy operations, withdrawing their bid for Australia’s Dairy Farmers after failing to come to a suitable agreement with their proposed joint venture partner Murray-Goulburn. Italian newspaper la Repubblica reported... ...Read more »