Foster's shareholders confirm wine and beer demerger
Shareholders in Australia’s Foster’s Group have approved the protracted demerger of its wine and beer businesses.
The move will see Treasury Wine Estates become a separate company trading on the Australian Securities Exchange on May 10, subject to clearance by the Supreme Court of Victoria six days before.
The demerger has been in the pipeline since last year and will see Foster’s lager and other beer brands operate under a separate company.
A UK-based Treasury Wine Estates EMEA has already taken over responsibility for sales of wine brands including Rosemount, Lindemans and Wolf Blass.
The deal will not affect Foster’s lager in the UK, where it is marketed by Heineken UK.