AUSTRALIA: US wine expected to boost Foster's Group
Analysts' profit estimates range from A$300 million to A$320 million with most predicting around A$305 million to A$310 million. This would compare with net earnings excluding significant items of A$293.1 million in the first half of 2000-2001.
The inclusion of the first full six months' contribution from Beringer will boost the results as only three months of earnings were included in last year's figures. Foster's Carlton & United Breweries, which comprises the group's beer, spirits and hotel interests, is expected to increase profits by around 3% though international beer sales are thought to have performed well. Beringer is also thought to have fared relatively well in the face of a depressed premium wine market in the US.
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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