SABMiller acquisition of Foster’s given green light by shareholders

SHAREHOLDERS in Foster’s Group overwhelmingly backed SABMiller’s A$9.9bn (£6.4bn) acquisition deal in a vote yesterday, giving the takeover the go-ahead.

Ninety-nine per cent of shareholders voted in favour of the acquisition by the beer company behind Castle, Grolsch and Miller Lite, which was given the green light by the Australian government on Sunday. The bid had unanimous support from Foster’s board.

Foster’s is expected to cease trading on the Australian Securities Exchange today after gaining the Supreme Court of Victoria’s approval.

Chairman David Crawford insisted the beer will still be produced in Australia, by Australians.

This will not affect the Foster’s lager brand in Europe, which is owned by Heineken.