Following renewed speculation that Foster's is going to launch a takeover attempt on it, Southcorp's shares rose 9% yesterday.

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.