Foster’s takeover deal approved

Australia’s government gave SABMiller the green light to proceed with its A$11.5bn (£7.2bn) takeover of brewing rival Foster’s last night, but imposed conditions requiring the company to keep brewing operations within the country. The approval is the final regulatory condition to be cleared ahead of the Foster's shareholders vote set for 1 December, which is expected to pass the deal. Treasurer Wayne Swan said SABMiller must keep management of the Foster’s brand in Australia.