The Australian drinks group Foster’s is considering selling its pubs, hotels and restaurants business, in a move that would see it focus instead on its core wines and beers operations and net the company up to A$1 billion in any sale.
The company confirmed yesterday that it has appointed investment bank Macquarie Bank to help assess “strategic options in relation to the future ownership” of its Australian Leisure and Hospitality unit, the nation’s largest owner of pubs.
But the review of the operations is ongoing and at present no decision has been made in relation to the future of the business, chief executive Ted Kunkel said in a statement.
Among the options open to Foster’s are an outright sale, the formation of a joint venture or placing the business in a trust, a spokeswoman from the company was quoted as saying today.
Speculation that Foster’s would persue such a strategy has been mounting since earlier this year. And the announcement mirrors a similar move by UK brewer Scottish & Newcastle.
The Australian press is already speculating that any sale would boost an acquisition warchest, allowing the company to bid for the struggling wine company Southcorp.
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