AUSTRALIA: Foster's may sell wine brands - report
A bid for Southcorp, the Australian winemaker, by brewer and winemaker Foster's may result in a round deconsolidation according to some industry watchers.
Analysts are predicting that Foster's will sell some of its wine brands in order to satisfy the competition authorities if it buys Southcorp. The front contender to buy the brands so far is fellow Australian McGuigan Simeon.
"Foster's will certainly have more brands than they need, and it would certainly make life easier with the ACCC if they flick a few off to someone," a banking source told Reuters this morning.
It is thought a bid from Foster's could also stir interest from other quarters. With Diageo and Constellation already busy assimilating recent acquisitions, Allied Domecq has been named as a possible rival suitor for Southcorp. The UK-based wine and spirits group has looked at acquiring in Australia before when it was beaten in a takeover race for Peter Lehmann Wines.
However, with Foster's already owning a 19% stake, it may already be too late for rival bids.
The US consumer goods group Fortune Brands has confirmed it is in talks about launching a joint bid with Pernod Ricard for Allied Domecq....
Diageo is to launch a new global advertising campaign for Smirnoff Ice. The first ad in the global campaign, 'Garden', launches in Great Britain on April 11th on terrestrial and satellite TV. ...
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....
Diageo is poised to cut back its presence in Germany, according to local reports....
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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