Foster's rejects bid for wine business

08 September, 2010

Foster’s Group has turned down a AU$2.3 billion bid from an international private equity firm for its Treasury Wine Estates business.

The Australian drinks group said that it still believed that a demerger of its wine and beer businesses is its best option for the future.

It has previously indicated that this could take until the middle of next year.

In a statement, Foster’s said: “The high level of conditionality, the requirement for exclusivity and the terms of the proposal are considered to reduce the value and certainty of the proposal.

“The board believes that Treasury Wine Estates is well-positioned to grow over the coming years and thereby create additional value for Foster’s shareholders.”

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