The move is the end-game of the wine strategy review announced by the company at the start of 2009.
Chief executive officer Ian Johnston said: “We are increasingly seeing the benefits of operationally separating the beer and wine businesses.
“They operate in separate market segments with different strategic and operating characteristics.”
No details of the structure or timing have been revealed though Foster’s said it was unlikely to be before the middle of 2011.
Johnston said: “We will proceed as quickly as possible, but priority will be given to ensuring that all relevant matters are carefully and rigorously examined with the intention of continuing to grow our businesses and minimising disruption to our customers.”