Arab Today, arab today australia approves foster\s sale to sabmiller
Last Updated : GMT 13:41:06
Arab Today, arab today
Arab Today, arab today

Australia approves Foster\'s sale to SABMiller

Arab Today, arab today

Arab Today, arab today Australia approves Foster\'s sale to SABMiller

Sydney - Arabstoday

The Australian government has approved brewer SABMiller\'s 9.9bn Australian dollars ($10.2bn; £6.5bn) takeover of Foster\'s. It did, however, pose a condition that the company must keep management of Foster\'s operations in Australia. UK-based SABMiller has also agreed not to relocate any brewing facilities offshore. The final step will be a vote by Foster\'s shareholders on 1 December, which is expected to pass the deal. \"SABMiller has agreed to a number of undertakings which recognise the significance of Foster\'s to our economy and to our community, and support Australian jobs,\" said Australian Treasurer Wayne Swan in a statement. Last week, SABMiller raised its cash takeover offer for Foster\'s to $5.40 a share. This came after a tax ruling from authorities in Australia to ensure that Foster\'s shareholders don\'t lose out because of a capital return tax. SABMiller said it expects to complete the takeover by the end of this year

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