Australia yesterday approved brewer SABMiller’s A$9.9 billion (US$9.62 billion) takeover of Foster’s, but with strict conditions that will see key operations remain in the country.
Australian Treasurer Wayne Swan said the deal was in the national interest.
“The government welcomes foreign investment in Australia and continues to ensure that investments are consistent with Australia’s national interest,” he said.
Given Foster’s iconic status in Australia, he set certain conditions on the sale, which will put the brand in foreign hands for the first time in its 150-year history.
These include that management of operations for the company — which owns the nation’s largest brewer, Carlton and United Breweries, and whose origins in Melbourne date back to the 1850s — remain in Australia.
British-based SABMiller also promised not to relocate any of Foster’s existing brewing facilities offshore to produce beer for Australian domestic consumption and to continue to invest in its Australian brand portfolio.
“SABMiller has agreed to a number of undertakings which recognize the significance of Foster’s to our economy and to our community, and support Australian jobs,” Swan said. “I have taken into account SABMiller’s plans to strengthen Foster’s brand portfolio and work with its local employees to bring its global scale and expertise to the business.”
“I also note SABMiller’s current intention that Foster’s operational employees will remain in their -existing roles on the same or substantially similar conditions to those which they currently enjoy,” he added.
SABMiller said it understood and agreed to Swan’s conditions.
“Given the local nature of Foster’s brewing business and its focus on Australian customers, these undertakings are consistent with our current intentions for the business,” it said in a statement.
Swan’s approval marks the final regulatory hurdle, with shareholders now scheduled to vote on the takeover at a meeting on Thursday.
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