SABMiller gains final regulatory approval for Foster's takeover

By Ben Bouckley

- Last updated on GMT

Related tags Australia

SABMiller gains final regulatory approval for Foster's takeover
SABMiller has gained final regulatory approval from the Australian Federal Treasurer for the acquisition of Foster's, following a recommendation from the Foreign Investment Review Board (FIRB).

UK-based SABMiller - whose brands include Miller, Coors, Peroni, and even Foster's in India - said it had provided undertakings to the treasurer in relation to the FIRB acquisition process, specifically the continued management of the Foster's business from Australia and the continuation of brewing operations in the country.

SABMiller said in a statement: "Given the local nature of Foster's brewing business and its focus on Australian customers, these undertakings are consistent with our current intentions for the business, and will not affect our ability to integrate Foster's and PacBev or to compete effectively in Australia."

The next step in the AUS $12.3bn (€9.1bn) takeover process is a shareholder vote scheduled to take place on December 1. Subject to shareholder approval (with 75 per cent necessary) SABMIller expects to complete its takeover of Foster's before the end of 2011.

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