AUSTRALIA: Foster's acquisition options limited
Chief financial officer Pete Scott told an analysts briefing: "While we would prefer to put the money to work through an attractive acquisition, we have not at this time identified a deal sufficiently compelling to pursue."
If no strategic acquisition presents itself he said the company would seek to use the funds "in a balanced way" involving both debt reduction and a return to shareholders.
Chief Executive Ted Kunkel added to the comments by saying that no small acquisitions were planned for fiscal 2004.
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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