AUS: Evans & Tate OK on Foster’s Southcorp bid
Evans & Tate has given Foster's potential acquisition of Southcorp its blessing. The wine company said it is not opposed to the tie-up, and even believes it could benefit its sales and put it on the radar of more investors.
In an interview with Dow Jones Newswires, Franklin Tate, Evans & Tate's executive chairman, said: "I don't see any suffering.
"If you ask me do I believe there is a potential threat? No, I don't," he added.
Tate said his company may benefit from the local consolidation because customers will be looking for a greater diversity of products and suppliers. He added that Evans & Tate will become one of the few second-tier listed Australian wine companies remaining, potentially raising its profile with investors.
Although Tate declined to predict an outcome in the takeover battle, he noted that the acquisition is a "compelling" one for Foster's and said that he also saw "some merit" in Southcorp's argument.
Australian wine company Evans & Tate has suffered acutely as grape oversupply and weak exports have combined to hit the Australian wine industry hard. David Robertson reports on the company's woes and...
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