SABMiller’s Acquisirion of Foster’s Approved
The Australian competition authority has approved SABMiller’s acquisition of Foster’s Group, the Austrialian brewer, and the 50% of soft drinks business Pacific Beverages currently owned by Coca-Cola Amatil. SABMiller has provided certain undertakings in relation to the Foster’s acquisition including keeping management of Foster’s operations located in Australia, and not relocating any of Foster’s existing brewing facilities offshore to produce beer for Australian domestic consumption.
SABMiller expects to complete the A$9.9 billion (US$9.6 billion) acquisition of Foster’s Group by the end of the year. The deal is in line with SABMiller’s strategic priorities and will provide it with a leading position in the stable and profitable Australian beer industry along with the opportunity to apply SABMiller’s capabilities and scale to improve Foster’s financial and operating performance.
