By Kevin McCauley
FD is guiding SABMiller as the world’s No. 2 brewer-- after InBev-- pushes an unsolicited $10B bid for Foster’s Group, the No. 1 beer company in Australia, which was rejected today.
SABMiller, owner of Miller Lite, Peroni, Grolsch and Castle brands, sees an opportunity to "strengthen the Foster’s brand portfolio and work with the local team to bring our innovation, global scale expertise to the business," said CEO Graham Mackay in a statement.
Australia is viewed as having a "strong, wealthy and growing economy with consistent long term population growth" and is well-positioned to capitalize on its nearness to the burgeoning Asian market.
Foster’s has seven of the top brands in Australia. Its management rejected the SABMiller bid as "incomplete, non-binding and conditional." Foster’s board "believes the proposal undervalues the company and plans not to take any further action on the SABMiller offer.
Butcher & Co. and Bespoke Approach handle media for Foster’s.
FD’s offices in the U.K. and Australia are working the SABMiller beat. |