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 before the end of 2011, if approved by shareholders.

Australian Treasurer Wayne Swan said in a statement today, “SABMiller has agreed to a number of undertakings which recognise the significance of Foster’s to the Australian economy and to our community, and support Australian jobs. I have taken these undertakings into account as part of my decision.”

Mr Swan said SABMiller’s undertakings are as follows:

The management of Foster’s operations will continue to be located in Australia under SABMiller ownership;

SABMiller will not relocate any of Foster’s existing brewing facilities offshore to produce beer for Australian domestic consumption; and

SABMiller will continue to invest in Foster’s Australian brand portfolio.

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