Foster's Shareholders Approve SABMiller's A$9.9 Billion Bid
01 12월 2011 - 8:56AM
Dow Jones News
SABMiller PLC's (SAB.JO) 9.9 billion Australian dollar (US$10.2
billion) takeover of Foster's Group Ltd. (FGL.AU) cleared its last
hurdle Thursday when the Australian brewer's shareholders approved
the deal.
SABMiller received the go ahead from Australia's foreign
investment review board last week, although on the condition beer
operations and management of the iconic Australian brand remain in
the country.
As expected, Foster's shareholders voted overwhelmingly in favor
of the takeover, with about 98% of proxy votes for the bid. The
full results of the vote of shareholders at a meeting in Melbourne
Thursday are due to be released later in the day.
The bid, which had unanimous support from Foster's board, was
criticized by some small minority investors who told the meeting
they were concerned Australia was losing a well-known company to
foreign interests.
"Foster's has been part of Australia for over a century and is
certain to continue to feature in Australian life for many years to
come," Chairman David Crawford told shareholders.
SABMiller earlier this month raised the cash offer for Foster's
to A$5.40 a share to compensate for the loss of a 30 cents capital
return following a tax ruling by Australian authorities, although
that didn't alter the enterprise value of the bid.
The brewer of Castle, Grolsch and Miller Lite launched an
initial bid for Foster's at A$4.90 a share in June, which was
rejected and later went hostile when it was taken directly to
shareholders at that price in August. The two patched up their
differences when SABMiller agreed in September to raise its offer
to A$5.10.
SABMiller has grown from a South African brewer that launched at
the end of the 19th century through acquisitions in countries
including Colombia, the Czech Republic and India. The addition of
Foster's will broaden its focus away from emerging markets with a
portfolio of market leading brands that includes Carlton Draught,
Cascade and Victoria Bitter.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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