SABMiller clears Fosters Group regulatory hurdles

SABMiller clears Foster's Group regulatory hurdles

SABMiller has cleared the final regulatory hurdle to its takeover of Australia's Foster's Group.

The brewer said late yesterday (24 November) that it has received the green light for the takeover from Australia's Foreign Investment Review Board (FIRB). At the same time, the FIRB also backed SABMiller to buy out Coca-Cola Amatil from the the two companies' joint-venture in Australia, Pacific Beverages.

The clearance means that SABMiller is on-track to complete its acquisition of Foster's before the end of calendar 2011. Foster's shareholders will vote on the deal on 1 December.

Last week, SABMiller raised its cash offer for Foster's by AUD0.3 per share. However, the deal continues to value Foster's at AUD11.5bn (US$11.15bn) including debt.