AUS: Foster's Group rows back on director post
Foster's Group forced to drop Hearl appointment
Foster's Group has been forced to reverse its decision to appoint Peter Hearl as a non-executive director of Treasury Wine Estates.
Foster's said today (21 April) that Hearl will not take a seat on the board of Treasury Wine Estates (TWE), following the wine arm's demerger from the Foster's beer business.
"Mr Hearl has informed Foster's that he has recently become aware that his personal business interests in some states in the US could prejudice Treasury Wine Estates' licence under US legislation regulating the sale of alcohol," said Foster's.
Foster's said that it is working with Hearl to "reorganise his business affairs", with a view to Hearl taking a seat on the TWE board at some point following the implementation of the demerger, which is set to begin next month.
The arrival of an agreement between Foster's Group and SABMiller over the latter's bid for the former earlier today has come about - in part - following an improved bid by SAB, as one would expect. Ho...
The global wine industry remains highly fragmented. In a recent Euromonitor International global briefing, entitled 'How Wine Companies Can Become Global', Jeremy Cunnington looked at why, and whether...
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