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Brewing takeover approved
Source: Agencies |
September 29, 2011, Thursday
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Print Edition
Print Edition
AUSTRALIA'S competition watchdog has given the go-ahead to SABMiller's US$10 billion friendly acquisition of brewer Foster's as expected, saying the bid would not lessen competition.
SABMiller and Foster's last week agreed on a sweetened A$9.9 billion takeover deal.
Rod Sims, chairman of the Australian Competition and Consumer Commission, said: "The proposed acquisition is not likely to result in a substantial lessening of competition for the supply of beer."
The commission's backing comes after the Foster's board agreed to accept SABMiller's raised offer of A$5.10 plus a capital return and dividend last week, after a three-month battle by SABMiller to win over management at the Australian brewer.
Key shareholders also backed the improved deal, with only an outside chance of a rival offer now posing a threat.
SABMiller and Foster's last week agreed on a sweetened A$9.9 billion takeover deal.
Rod Sims, chairman of the Australian Competition and Consumer Commission, said: "The proposed acquisition is not likely to result in a substantial lessening of competition for the supply of beer."
The commission's backing comes after the Foster's board agreed to accept SABMiller's raised offer of A$5.10 plus a capital return and dividend last week, after a three-month battle by SABMiller to win over management at the Australian brewer.
Key shareholders also backed the improved deal, with only an outside chance of a rival offer now posing a threat.
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