AUSTRALIA: Foster's to sell A$40m in assets - report
The Australian beer and wine group Foster's has reportedly identified nine vineyards worth A$20 m to sell off, according to a story in the Australian Financial Review.
The vineyards have been marked as surplus to requirements after the company conducted a review of its Beringer Blass wine division.
The Australian Financial Review also said that Foster's will sell three wineries and packaging facilities in Victoria worth an estimated A$20 m.
Foster's has apparently appointed Colin Gaetjens & Shaw to sell the assets, which include the 100-hectare holding at Denman in NSW's Hunter Valley, a 3000-tonne Yarra Glen winery in Victoria's Yarra Valley, a winery and packaging facility at Merbein near Mildura and a packaging plant at Smythesdale in Victoria.
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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