AUS: Foster's Group shareholders approve SABMiller takeover
Foster's Group to be swallowed by SABMiller
In a vote today (1 December), 99% of shareholder votes cast were in favour of SABMiller swallowing Foster's, which is Australia's largest brewer ahead of Kirin-controlled Lion Nathan. Foster's chairman David Crawford hailed a "historic day" for the group.
The shareholder backing means that SABMiller may effectively complete its acquisition of Foster's by the end of tomorrow. The deal gives Foster's an enterprise value of AUD11.5bn, including debt.
Tomorrow, Foster's said that it will apply for approval of the deal at a hearing of the Supreme Court of Victoria. If secured, Foster's shares will cease trading on the Australian Stock Exchange at the end of the same day. Shareholders would then be paid by 21 December.
Initially, SABMiller agreed to pay AUD5.1 per share cash for Foster's, with the Australian group agreeing to hand an extra AUD0.4325 to its own shareholders via a dividend and a one-off capital return payment of AUD0.3. However, Australian tax authorities have blocked the capital return payment, causing the UK-listed Peroni brewer to raise its cash offer to AUD5.4, in order to cover the difference.
In recent years a big re-invention story for the beer industry has been craft regional beers, especially in the US but also now in parts of Europe. We believe this is driven by that segment being a co...
- Brown-Forman's march on premium whisk(e)y -Comment
- Are consumers getting tired of consuming?
- Where does AB InBev see the future of beer?
- SABMiller in Cent'l & E Europe - What is for sale?
- Will US consolidation leave craft alcohol exposed?
- Brown-Forman to buy BenRiach Distillery Co
- Bacardi rolls out new global Martini ad - video
- Brown-Forman appoints new GTR marketing head
- Guinness Nigeria sees YTD sales, profits tumble
- Bacardi recruits ex-News International exec
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends
- Consumer and Market Insights: Wine Market in China
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends
- What Next for Beer and Brewers Following the MegaBrew Deal?
- Emerging Drinks Industry Trends