AUSTRALIA: Foster's CEO says no to acquisitions
Foster's Group Ltd has ruled out short-term acquisitions following the release of its year-end figures. Quoted by Asia Pulse, the Australian beer and winemaker's CEO, Trevor O'Hoy said: "Nothing's changed in our strategy in terms of M&A (mergers and acquisitions).
"We have some major, major challenges in our wine group," he added.
"We are not in a position to pursue M&A at this stage until we get the financial metrics of this business headed in the right direction and at the right level."
O'Hoy said the only thing that could alter this was a potential target being put on the table at "an absolutely knockout price".
"And I wouldn't expect that," O'Hoy said.
Foster's today reported a full year net profit after tax of A$799.3m, up 72.7% on last year. However, the figure includes significant items of A$329.9m after tax. Normalised net profit after tax, excluding the discontinued Australian Leisure and Hospitality (ALH) business. was only A$549.2m, a 1.5% rise.
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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