AUSTRALIA: ACCC to look into Foster's bid
Australia's corporate regulator, the Australian Competition and Consumer Commission, is expected next week to publish its timetable into an examination of Foster's bid for wine group Southcorp.
The examination, standard procedure for mergers and acquisitions, will look at market dominance in particular segments.
ACCC approval is a requirement.
Analysts are predicting that Foster's will sell some of its wine brands in order to satisfy the competition authorities if it buys Southcorp. The front contender to buy the brands so far is fellow Australian McGuigan Simeon.
"Foster's will certainly have more brands than they need, and it would certainly make life easier with the ACCC if they flick a few off to someone," one banking source said last week.
A revised assessment by Southcorp's independent expert has valued the company's shares closer to the bid value offered by Foster's Group....
Australian liquor giant Foster's bid for winemaker Southcorp is gathering momentum....
As one takeover story trundles on, another one has just moved up a gear....
The chief executive of Foster's believes the global premium wine industry is on the upturn....
Foster's Group Ltd is expected to announce that it is lifting its offer for fellow Australian Southcorp, transforming three months of corporate hostility into a friendly takeover....
Shares in Southcorp and Foster's have been halted from trading, pending an announcement....
Southcorp's share price has dropped below the offer price made by Foster's for the first time today (18 April)....
Foster's Group is considering upping its bid for Southcorp prior to extending its offer once again....
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