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 »

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 Federal Government’s Takeovers Panel has rejected accusations from multinational brewer SABMiller that statements published in Foster’s Group Limited’s full year results were “misleading” and “deceptive”. SABMiller’s submission to the Takeovers Panel had raised issues about certain forward-looking financial statements and a pro forma net debt in the Foster’s results presentation. On 17 August 2011, SABMiller announced that it intended to make a conditional off-market takeover... ...Read more »

In its latest move to fend off a takeover bid by multinational brewer SABMiller, Australian brewing giant Foster’s Group Limited plans to return A$500 million to its shareholders through a share buyback or capital reduction. As well as announcing the buyback bid, Foster’s today released its full year results which show an 8.7 per cent fall in profit and a net loss of A$89 million for the year to June 30 2011. A strong credit profile and proceeds from the Ashwick tax case have led the Foster’s... ...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 »

Fonterra shareholders have voted overwhelmingly in favour of changes to the Co-operative’s constitution that will allow share trading among farmers.The resolution – Trading Among Farmers – received a 89.85% vote in support at Fonterra’s Special Meeting late last week. Fonterra Chairman, Sir Henry van der Heyden said there had also been a big voter turnout. “Our farmers have voted in record numbers and those who voted represented almost 80% of the Co-op’s milk solids.... ...Read more »

Kraft has received conditional approval from European Union competition authorities for their planned takeover of Cadbury, and can now turn their attention to satisfying Cadbury shareholders – with a lot of convincing needed given they have so far only received acceptances for 1.52% of the confectioner’s stock. “The decision is conditional upon the divestment of the Polish and Romanian chocolate confectionery businesses of Cadbury,” the EU advised. “In view of the remedies... ...Read more »

Cadbury chief executive Todd Stitzer has insisted that the UK confectioner’s investors “seem unimpressed” with Kraft Foods’ hostile bid after he visited shareholders on both sides of the Atlantic last week. Stitzer, who launched Cadbury’s formal defence to Kraft’s GBP10bn (US$16.08bn) bid last week in London, was in New York later in the week, addressing the Dairy Milk maker’s US investors. In an interview with Reuters, Stitzer said it appeared Cadbury’s... ...Read more »

Kraft has issued a document urging their shareholders to support their Cadbury takeover plan. The Oreo and Vegemite maker filed a definitive proxy statement on Friday to approve the issuance of new shares to bankroll their A$18.6b bid for the confectioner. A shareholder meeting will be held on February 1, 2010. The announcement follows continued rejection from Cadbury management of an offer they view as “derisory”. New Board members Kraft has also announced the appointment of Jean-Francois... ...Read more »

UK confectionery company Cadbury confirmed yesterday that it unanimously rejects the takeover bid by US company Kraft Foods. On 4 December of this year, Kraft Food attempted to purchase Cadbury, taking the offer directly to shareholders, but the Board unanimously rejected Kraft’s offer as “wholly inadequate” because it “substantially undervalue[d] Cadbury.” Cadbury has now released a defence document to explain to its shareholders the decision to reject the recent takeover... ...Read more »