AUS: Foster’s creeps towards Southcorp 50% hold
Foster's Group has upped its holding in takeover target Southcorp. The Australian drinks company is slowly edging towards the 50% target needed to gain control of the wine maker.
Foster's holding of Southcorp now stands at 43.7%. Last week, Foster's increased its stake to 40.9%.
The company launched its takeover bid for Southcorp in January. Following a raising of its bid to A$4.26 per share, valuing the company at A$3.17bn, all but two of Southcorp's directors recommended the bid.
Foster's, which has a minimum acceptance condition of 50% for Southcorp, has set a deadline for its offer of 26 May.
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