Spotlight - The 'Battle' for Foster's Group
A bid has finally been made for Foster's Treasury Wine Estates division. The Australian company, however, has rejected the offer. Is this just the beginning?
Foster's Group management will be celebrating with a glass of Wolf Blass Sparkling Rosé this evening after proving that someone wants to buy its wine business.
Foster's Group has rejected a AUD2.7bn (US$2.5bn) takeover bid for its global wine business, Treasury Wine Estates, from an unnamed private equity group.
Well, would you? No matter how much Foster's tries to spin it, the company's wine business is still on the painkillers.
The head of Foster's Group's Australian beer arm, Carlton & United Breweries, has said that tough conditions in the the country's beer market are set to continue.
SABMiller can expect to face strong competition from Japan for Foster's Group's Australian beer business and it is unlikely that the Miller Genuine Draft brewer would seek to acquire the business at any price.
Shares in Foster's Group rose by nearly 8% following a report that SABMiller is eyeing a possible GBP7bn (US$10.9bn) bid for the Australian firm's beer arm, Carlton & United Breweries.
Foster's Group has refused to close off any avenues for the future of its troubled wine arm, amid reports that China's Bright Food is keen to buy the Rosemount brand.
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