SABMiller launches hostile Foster's bid

17 August, 2011

Peroni and Pilsner Urquell brewer SABMiller has launched a hostile bid for Australian beer giant Fosterís.

The £6 billion offer is being taken directly to Fosterís shareholders two months after the companyís directors rejected an initial bid of the same value.

The London-based brewer said: ďSABMiller believes that the proposal put to the Fosterís board is attractive and should be put to Fosterís shareholders. †

ďAs there has been no willingness to engage in relation to SABMillerís proposal on the part of the Fosterís board, SABMiller has decided to make an offer to Fosterís shareholders directly.Ē

The A$4.90 offer is lower than the current Fosterís share price and there is speculation that SABMiller may have to increase its offer to secure the support of shareholders.

Any merger between the two companies would not affect Fosterís beer in the UK, where Heineken is the brand owner. Fosterís wine brands, including Wolf Blass, Lindemans and Rosemount, were hived off earlier this year to a new company, Treasury Wine Estates.

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