AUSTRALIA: Foster's close to bolt-on acquisition - reports
Fosters, whose spokesman said the company did not comment on speculation is reported to be conducting due diligence inquiries into a deal.
T'Gallant is a small premium producer with sales of around 50,000 cases a year and the acquisition would be in line with Foster's announced strategy of seeking bolt-on acquisitions to add to the brands in its Beringer Blass wine division.
However, observers now believe it is unlikely that Foster's will make a bid for the troubled market leader, Southcorp.
Although Southcorp's presence in Europe would be seen as attractive to Foster's, which has been tipped by some analysts as a possible bidder, the company is thought by other observers to be unwilling to meet the high price necessary to secure the Oatley family's strategic stake in the company.
Companies: Foster’s Group Ltd
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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