The Australian distributorship for Australia’s most popular imported Japanese beer has been lost by Foster’s. The Japanese Asahi Group has appointed its own Australian subsidiary company Independent Distillers to market and distribute Asahi beer through the premium beverages division of Independent Distillers. As reported by Australian Food News in late 2011, Foster’s was taken over by South African beer giant SABMiller and subsequently also lost Australian distribution rights for another international... ...Read more »

The Australian Federal Treasurer today approved SABMiller’s acquisition of Australian brewer Foster’s and the remaining 50% of Pacific Beverages, on recommendation from the Foreign Investment Review Board (FIRB). The Treasurer’s approval of the transaction marks the final regulatory condition to be satisfied ahead of the shareholder vote at the upcoming scheme meeting scheduled for 1 December 2011. In a statement released today, SABMiller said the acquisition is expected to be completed... ...Read more »

Coca-Cola Amatil’s Managing Director Terry Davis has indicated that the company is considering buying the spirits, ready-to-drink mixed spirits and non-alcoholic brands of Australian brewer Foster’s Group Limited. Mr Davis made the announcement at a meeting of the American Chamber of Commerce in Australia, held in Melbourne. The brands in questions include Foster’s Cascade brand of soft drinks, its Cougar and Black Douglas spirit brands, as well as its Fiji brewery and distillery. However,... ...Read more »

The Australian Competition and Consumer Commission yesterday announced that it will not oppose the acquisition of the iconic Australian Foster’s Group by SABMiller. According to ACCC chairman Rod Sims “the proposed acquisition is not likely to result in a substantial lessening of competition for the supply of beer”.  Before reaching this conclusion, the ACCC carried out a comprehensive review, involving market inquiries with a range of interested parties in the beer industry. UK company SABMiller... ...Read more »

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 »

Australian brewer Foster’s has urged its shareholders to reject a bid from takeover suitor SABMiller. The Foster’s Board believes the offer “significantly undervalues” the company and has written to shareholders asking them to spurn SABMiller’s offer to buy all the shares in the company at a price of $4.90 per share. In a letter sent to shareholders today, Foster’s chairman David Crawford wrote, “Your board unanimously recommends you reject SABMiller’s... ...Read more »

Multinational brewer SABMiller has accused Australian brewing giant Foster’s Group Limited of making “misleading” and “deceptive” statements in its recently published end-of-year results. It is the latest clash between the two breweries, with SABMiller continuing its drive to purchase Foster’s Group Limited. In a submission to Federal Government’s Takeovers Panel, SABMiller accuses Foster’s of having “no reasonable basis for several forward-looking statements” in the results presentation... ...Read more »

London-based multinational brewer SABMiller has mounted a more aggressive approach in its attempt to take over the Australian-based Foster’s Group Limited. SABMiller has announced it is taking it is bypassing the Foster’s Group Limited board and making a A$4.90 per share bid directly to the shareholders. The new direct offer to the shareholders comes just days ahead of the release of Foster’s fiscal-year financial results. The market is expecting these to be poor. “As there has been... ...Read more »

London-based SABMiller is expected to offer a renewed bid to acquire all shares in Foster’s Group Limited after the Australian brewer releases its full year results on 23 August 2011. In June, Foster’s rejected SABMiller’s A$11.2bn bid to buy all shares in the company. The Board of Foster’s said the proposal “significantly undervalued the company”. The Foster’s share price has now fallen below SABMiller’s original bid price and, according to reports, SABMiller has assembled a multi-billion-dollar... ...Read more »

SABMiller has confirmed that it has made a non-binding, conditional proposal to the Board of Directors of Foster’s Group Limited to acquire all of Foster’s shares for A$4.90 per fully paid share in cash.The proposal to acquire Foster’s is in line with SABMiller’s strategy to create an attractive global spread of businesses. Australia has a strong, wealthy and growing economy with consistent long term population growth, and is well positioned to benefit from continued economic... ...Read more »