Foster’s Group Limited yesterday announced that Jamie Odell, Managing Director Australia, Asia, Pacific, will leave the Company on Friday 14 November to pursue other interests. It has been suggested that the decision was made by Odell because he was recently overlooked for the role as CEO, which was assumed by former non-executive director Ian Johnston. Mr Odell had been in charge of Foster’s wine division until 2006 before moving to his current role. It is believed that he was keen to... ...Read more »

The future of cask wine is bleak, according to a new report, which discovers that its share of the wine market has fallen by a third in the past decade. The product, often referred to as the “goon bag”, was invented in 1965 by winemaker Tom Angove and begun to make its mark in the 70s as a cheap option. With new screw-top bottles, cheaper bottle prices and the threat of volumetric taxes, however, cask wine is set to continue relinquishing market share. A Citi Investment Research report... ...Read more »

Molson Coors has been identified as the mystery stakeholder in Australia’s largest brewer, Foster’s, strengthening speculation of a takeover. Deutsche Bank bought a 5.26% stake in Foster’s on behalf of a previously unidentified client on September 25, while rumours circulated that the stake could be an indication of a possible takeover bid in the near future. Molson Coors, which has operations in the US, Canada and the UK, made the announcement overnight when presenting their third... ...Read more »

Foster’s Group, Australia’s largest brewer, has announced that first-quarter results were in-line with expectations and advised that their wine review - originally slated for completion before the end of the year - is unlikely to be released until February. “As previously advised, we expected to complete the wine review by the end of this calendar year,” Foster’s Chairman David Crawford told shareholders at the company’s AGM. “However, we have taken the decision... ...Read more »

Foster’s has reportedly hired an advisor to shield them from possible takeover predators. Speculation has been rife that Australia’s largest brewer would be subject to takeover bids as the beer industry continues to go through a major consolidation phase. Among this year’s major deals have been the combination of the world’s second and third largest brewers, InBev and Anheuser-Busch, the purchase of Scottish & Newcastle by Heineken and Carlsberg and the merger of the US... ...Read more »

Ian Johnston has been appointed by the Board of Foster’s Group Limited (Foster’s) to the role of Chief Executive Officer. Mr Johnston stepped into the CEO role in an acting capacity in July this year, following the departure of Trevor O’Hoy, having previously served as a non-executive Director of the Company since September 2007. Foster’s Chairman, David Crawford, believes Mr Johnston is the right person to lead the company, following an extensive international search for... ...Read more »

Fosters Australia Limited has received Victoria’s biggest ever fine under the Occupational Health and Safety Act 2004 for serious safety failings which led to the death of a worker at its Abbotsford (Melbourne) brewery in April 2006.Imposing a $1.125-million fine and conviction, Judge Jane Campton said a reasonable employer would have foreseen the danger posed by the unguarded machine and taken steps to make it safer, but Fosters chose not to with tragic consequences. A 58-year-old Wantirna... ...Read more »

The Board of Foster’s Group Limited (Foster’s) has announced that Chief Executive Officer, Trevor O’Hoy, will step down from his role today.Ian Johnston, currently a non-executive Director of the Company, has agreed to assume the role of Acting Chief Executive Officer, pending the appointment of a permanent successor to Mr O’Hoy. The Board is hoping Mr Johnston will energise the team to drive day-to-day business performance across product categories and global businesses.... ...Read more »

Ever since the AGM of Coca-Cola Amatil (CCA) in the middle of May rumours have been circulating that CCA will consider a takeover of Foster’s or the beverage operations of Cadbury-Schweppes. The rumours strengthened when CCA CEO, Terry Davis, told reporters at the time that a purchase of Schweppes would make sense. However, some believed this was merely a diversion and their real target was Foster’s. Mr Davis has now quashed the Foster’s speculation via an interview with... ...Read more »

Foster’s Group Limited has accepted the resignation of their CEO Trevor O’Hoy as they announce a revised forecast of profit for fiscal year 2008. Foster’s, Australia’s biggest beer and winemaker, cited disappointing returns from wine sales in the US and slower than expected growth in Australia as the main reasons for the revised forecast. Mr O’Hoy, appointed in 2004, has now decided to leave the company but will stay on in the near-term to assist with a smooth... ...Read more »