AUSTRALIA: Foster's sees profit forecast cut
Foster's has seen its profit forecast cut. Broker ABN Amro has reduced its earlier profit estimate for the Australian brewer for 2003-2004 from A$558m to A$549m.
The broker believes that the under-performance of Foster's Beringer Blass wine business in the US will hit the group's profits. Following a wine glut in California during the September quarter of this year, and a strike in supermarkets that are supplied by Beringer, the wine company saw shipments fall by 18.5%.
ABN Amro also believes that volumes for North American wine will fall by 8% in the first half of 2004.
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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