CHINA: Foster's reaffirms committment to China after stemming losses
Foster's chief executive Ted Kunkel also confirmed his committment to maintaining a presence in the market despite suffering a "bloody nose" from its aggressive strategy for China in May 1993. But the company recognised that if it wanted to have a global brand it could not turn its back on a market with half the population of the world in it.
Foster's would build the Foster's brand in China by continue to work "quietly, quietly".
The company has now stemmed negative cashflow by whittling down its presence there to one brewery.
"If you have a look at some of the numbers from the original days when we were some tens of million in loss in China ... right now we're just about getting to cashflow break-even in our whole Asian business, with a small loss in China today," Kunkel told a Securities Institute of Australia seminar. "We've coralled it (China), we've got it under control."
A revised assessment by Southcorp's independent expert has valued the company's shares closer to the bid value offered by Foster's Group....
Australian liquor giant Foster's bid for winemaker Southcorp is gathering momentum....
As one takeover story trundles on, another one has just moved up a gear....
The chief executive of Foster's believes the global premium wine industry is on the upturn....
Foster's Group Ltd is expected to announce that it is lifting its offer for fellow Australian Southcorp, transforming three months of corporate hostility into a friendly takeover....
Shares in Southcorp and Foster's have been halted from trading, pending an announcement....
Southcorp's share price has dropped below the offer price made by Foster's for the first time today (18 April)....
Foster's Group is considering upping its bid for Southcorp prior to extending its offer once again....
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