AUSTRALIA: Foster's sells brewery in cost saving
The agreement will see property developer Australand Holdings Ltd buy the site for A$203m (US$133.4m). The sale is still conditional on Australand achieving planning approval for the construction of residential and commercial facilities on the site.
The sale is part of a cost saving operational review of Foster's beer-and-spirits division, Carlton & United Breweries, which hopes deliver gross annual efficiency gains of A$60m to A$85m within the next five years.
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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