Australia Takeovers Panel Won't Act On SABMiller Application Re Foster's

The Australian government's Takeovers Panel said Thursday it has decided not to act on an application by SABMiller PLC (SAB.JO) claiming outlook and debt statements by takeover target Foster's Group Ltd. (FGL.AU) were misleading and deceptive.

"The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances in relation to the financial objectives statements," it said in a statement.

"The Panel had some concerns with the net debt statement; however these concerns were allayed by Foster's volunteering to make an announcement clarifying the basis for reaching a pro forma net debt figure."

SABMiller has made a A$9.51 billion (US$10.18 billion) bid for Foster's, which Foster's has rejected as undervaluing the company.

-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095; gavin.lower@dowjones.com

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