AUSTRALIA: Southcorp shares up on takeover rumours
However, there are indications that any bid for Southcorp may be hampered by the unwillingness of the company's largest shareholder to sell.
The Oately family still holds a significant minority shareholding and a spokesman for the family said yesterday that they were "there for the long term."
Continuing that the family had not received any offer to sell, the spokeman said that the Oatleys believed that the strength of the "brands of Southcorp underpins the long-term potential."
However, the Australian press added to the speculation by reporting that Foster's had charged an internal due diligence team to look at the Southcorp numbers.
Companies: Foster’s Group Ltd
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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