Saturday, September 10

SABMiller in enemy $10 billion offer at foster's

LONDON - SABMiller PLC, one of the world's largest brewer, has a hostile bid for $10 billion Wednesday for Australian rival foster Group Ltd. to the Board a bid rejected.

The maker of Peroni, Grolsch, and Miller Lite said the 4.90 ($5.13) Australian dollar per share cash offer to take it, minus a dividend foster chooses to pay directly to shareholders and that the supply of existing resources and new debt is financed.

The London based company, said foster's had so far refused to consider a similar offer made in June. The Australian brewery said that the offer significantly undervalued the company.

SABMiller had in June said that foster's was attractive, because it was Australia's leading brewery with seven of the 10 beer brands, and purchase of the company was in line with its strategy to spread around the world. His opinion of Australia an attractive market as a result of population growth and economic links to Asia.

SABMiller, which is listed in London and Johannesburg, said that it has a proven track record of integrating Brewery Company and improve the performance of the companies had.

SABMiller said had decided the offer to the shareholders directly as foster's Board showed "no willingness" which takes in offer.

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