It’s looks like a case of third time’s the charm for brewing giant, SABMiller.
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It has agreed to buy Foster’s Group for an increased price of $5.10 Australian dollars per share, valuing the Australian beermaker at just under $10 billion Australian dollars, that’s $10.2 billion U.S. dollars.
As part of the deal, Foster’s will also return $0.30 a share as well as a final dividend for the year to June.
Including debt, the total value of the deal comes to $11.5 billion Australian dollars.
SABMiller’s Chief Executive said his company was pleased with the agreed deal, which will now be put to Foster’s shareholders.
The London-based brewer of Peroni, Miller Lite and Grolsch has been chasing Foster’s since late June, first with a bid of $9.5 billion Australian dollars before taking the offer hostile at the same price in mid-August.
Foster’s rejected both approaches as being too low.
SABMiller says the bid is part of its strategy to create an attractive global spread of businesses to add to its operations – largely in the emerging markets of Africa, Latin America, Asia and Eastern Europe.