Foster’s places deadline on its wine unit bidders

AUSTRALIAN brewer Foster’s said it has held no further talks with the private equity suitor that made a $2.5bn offer for its wine business in September but set an April deadline on bids.

Chairman David Crawford said yesterday that an approach – reportedly by Cerberus Capital – was “totally inadequate”, but said the company would consider any further offers for its $3bn wine business. “We have said from the day we announced the proposal to consider a demerger that we were still prepared to consider all possibilities, and that includes consideration of any offers if they are made,”he said. Crawford told the company’s annual general meeting that the situation should be resolved by April.