Foster's rejects SAB Miller bid

21 June, 2011

Australian brewer Foster’s has rejected a takeover bid from SAB Miller valuing the company at AU$9.5 billion.

In a statement, Foster’s said: “The board of Foster’s believes that the proposal significantly undervalues the company in the context of a change of control and, as such, it does not intend to take any further action in relation to it.”

SAB Miller said the takeover bid was in line with a strategy to create “an attractive global spread of businesses, with a focus on developing strong and successful brand portfolios.”

SAB Miller has long been linked with a possible bid for Foster’s, which split from the Treasury Wine Estates operation in May.

A joint bid from Molson Coors and Mexican brewer Femsa had also been mooted.




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Talking terroir

When Bordeaux was in fashion, it seemed almost logical that we should fetishise winemakers. Here were people responsible for brilliant acts of blending, across large estates and multiple grape varieties, including superstars such as cabernet sauvignon and merlot. These days, fashion has moved on and pinot noir is ascendant. As a result, the star of the winemaker has fallen and we find ourselves following a new star in the sky: terroir.

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