AUS: Court rubber stamps SABMiller, Foster's Group deal
Foster's Group to be swallowed by SABMiller
Foster's said today (2 December) that the Supreme Court of Victoria has given the green light for the acquisition, which gives the Australian brewer an enterprise value of AUD11.5bn (US$11.75bn) including debt. The court clearance follows support for the deal from Foster's shareholders earlier this week, with 99% of shareholder votes cast in favour of the acquisition two days ago.
The court clearance means that the acquisition is now "legally effective", Foster's said. Beyond today, its shares are not expected to trade again on the Australian Stock Exchange, after the firm applied for trading to be suspended.
In recent years a big re-invention story for the beer industry has been craft regional beers, especially in the US but also now in parts of Europe. We believe this is driven by that segment being a co...
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