Foster’s May Be $11 Billion Target After Wine Spinoff
Foster’s May Be $11 Billion Target After Wine Spinoff
May 26, 2010 6
(Bloomberg) -- Foster’s Group Ltd.’s plan to spin off its wine unit may prompt bids from SABMiller Plc, Asahi Breweries Ltd. and other global beermakers attracted to the wider profit margins in Australia, fund managers said.The brewing business may be worth more than A$13.5 billion ($11 billion) and draw interest from Suntory Holdings Ltd. and Sapporo Holdings Ltd. of Japan, said Theo Maas, who helps manage A$5 billion at Arnhem Investment Management in Sydney. The brewer of Foster’s Lager and Victoria Bitter, Australia’s top- selling brand, controls about 50 percent of the local market.
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