AUSTRALIA: Foster's to cut hotel division and chase wine buys
Foster's holds more than 150 pubs, 100 bottle shops and more than 6,000 poker machines in its Australian Leisure & Hospitality (ALH) division and the company has looked at several options for restructuring it.
However, Foster's said today that it could find no tax efficient way of splitting the bricks and mortar ownership of the division from the intellectual capital, management and brands of the company. ALH will therefore be kept in its current form.
Instead Foster's will be selling some of its smaller sites that do not operate well, with the aim to own fewer but better pubs and clubs.
Analysts estimates suggest the company could get up to $A150m from the sales. These may be used to repay debt and possibly acquire other small businesses. The most likely target of any acquisition is the global wine industry.
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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