AUSTRALIA: Foster's may be next takeover target
Foster's, the Australian brewer and winemaker currently bidding to takeover Southcorp, could itself become a takeover target according to one analyst.
Foster's has made a A$3.1bn takeover bid for winemaker Southcorp Ltd, which has so far been rejected by the Southcorp board.
It was thought that any one of a number of international wine and spirit makers could provide a rival offer, including Diageo, Allied Domecq and Pernod Ricard. However, so far no alternative bid has been forthcoming.
In a reseach note to clients, UBS analyst David Roberton provided a possible explanation for the silence.
"Given Foster's strategic stake in Southcorp, we believe alternative Southcorp bidders may not be the only outcome as an acquisition of Foster's could be a safer and more compelling play," he said.
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Fideuram Wargny has upgraded its rating of Pernod Ricard to 'buy' from 'hold'. Its analysts argue that the merger talks with Allied Domecq is a catalyst for share growth....
Diageo has completed another share buyback transaction....
Foster's Group has extended its Southcorp takeover offer for a third time....
Diageo's Smirnoff Signatures line of premixed cocktails is now available nationwide in the US....
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Spanish winery Bodegas Faustino Martinez is to invest €50m to expand its manufacturing facilities and promote its Ribera del Duero and La Mancha original labels, local newspaper El Correo reported....
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