Australian drinks giant Foster's was once more at the centre of takeover speculation, after a rise in its shareprice yesterday, according to reports in the Australian press.

The usual suspects, such as UK drinks companies Diageo and Allied Domecq were included in a list of possible suitors, sparked by the reports that Allied Domecq was planning a debt raising exercise.

However analysts played down the rumours saying the 28.7m share trade was the result of portfolio readjustments by institutional investors.

Foster's was up A$0.09 to close at A$4.81. On 14 May 2002, the stock was worth $A4.63. Broker, Morgan Stanley, alone bought more than 20 million shares.