Foster's chair hails 'historic day' as shareholders rubber-stamp SABMiller takeover

By Ben Bouckley

- Last updated on GMT

Related tags Australia

Foster's chair hails 'historic day' as shareholders rubber-stamp SABMiller takeover
Australian brewer Foster's announced today that its shareholders voted overwhelmingly in favour of the SABMiller takeover, which will now result in the UK firm's successful acquisition of the company, subject to approval from the Supreme Court of Victoria.

87.2 per cent of shareholders present at a scheme meeting voted in favour of accepting SABMiller's offer, and Foster's chairman David Crawford thanked them for their support.

“This is a historic day for this great Australian brewing company. While the ownership of Foster’s will soon change, the beer and the brands will still be produced in Australia and be developed and brewed by Australians,”​ Mr Crawford said.

“The company will continue to be a central part of the Australian community through its local manufacturing, its community support and, of course, its famous brands. Foster’s has been part of Australia for over a century and is certain to continue to feature in Australian life for many years to come.”

Foster's will now apply to the Supreme Court of Victoria to seek approval of the takeover at a hearing scheduled for December 2 2011; if this is granted then the company's shares will be delisted from the Australian stock exchange later that day.

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