Australia: Court approves proposed takeover of Foster’s by SABMiller to be put to shareholders

The Victorian Supreme Court has approved the proposed takeover of Foster's by global brewer SABMiller to be put to shareholders, ABC reported on October, 26.

Australian law requires the court to play a supervisory role in the takeover process.

The court sign-off means a shareholder vote on the A$12 billion scheme will occur in coming weeks.

Supreme Court Justice Anne Ferguson is then scheduled to give the takeover final approval on December, 2.

Legal teams for both companies were in court.

Lawyers for Fosters told the court that the Australian Securities and Investments Commission has now also approved the deal.

SABMiller owns half of Pacific Beverages - which makes the Bluetongue brand of beers - in a joint venture with Coca-Cola Amatil (CCA).

SABMiller and CCA will end the joint venture, with SABMiller buying CCA out to own both Foster's and Pacific Beverages.

The merged company would face competition from Lion (formerly Lion Nathan), the second largest player in the Australian beer market, and smaller beer suppliers such as Coopers and micro-breweries.

26 October, 2011