AUSTRALIA: Foster's recommendation cut
Foster's Group Ltd has had its rating cut. Credit Suisse First Boston has reduced its recommendation on the brewer and winemaker to 'underperform' from 'neutral' reflecting recent movements in the group's share price.
In a note to clients, the bank said that, since 2 April, Foster's share price has jumped by 7.5% while the broader market has fallen by about 0.3%. CSFB has a target price of A$4.05 on Foster's stock, which last traded at A$4.72.
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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