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Foster’s declares ‘milestone’ victory in Southcorp bid

In what its CEO called a ‘milestone’ moment, Foster’s has declared victory in its long drawn-out takevoer bid for Southcorp.

The AUS$3.17bn bid is now deemed to be successful with Foster’s receiving acceptances for 91% of the shares in the Southcorp group, which owns Penfolds, Lindemans and Rosemount.

The giant drinks group will now be allowed to by the remaining 9% of the shares and begin the task of integrating Southcorp into its operations, just-drinks.com reports.

‘This is an absolute milestone day,’ Foster’s CEO Trevor O’Hoy said. ‘This is the dream transaction. This is the most strategic and compelling deal that we have seen going around over many years.’

Jamie Odell of Foster’s wine division told the Australian Broadcasting Corporation that more details would be given in August or September about how the takeover will affect wineries, staff, growers and wine branding.

‘I think that’s fair because these are large complex sites and it does take a measured and balanced approach to really understand what needs to be done,’ he said. ‘What we don’t want to do is jump to early judgments and find that that’s unsettling for individuals or end up making the wrong decisions.’

Written by Agencies

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