THE DISTILLERY: Beer fight
We had two of the great cliches of Australian business reporting on show yesterday: Rate Rise Looms was shafted by the latest board minutes from the Reserve Bank, meaning the henny pennys will have to take a nap. But the other perennial, Foster's Bid Looms, was confirmed with a cheapskate offer from SABMiller that was so low as to be laughable. The bid will see Foster's sold, but investors in London are not so sanguine, marking down SAB's shares 3 per cent and wondering if this is an expensive last hurrah for CEO Graham Mackay, who retires next year. But the jottery was well and truly Fosterised this morning.
Fairfax's CBD column was typical: "Shareholders in one of the longest-rumoured takeover targets on the ASX, Foster's Group, must have been pinching themselves yesterday when the brewer finally disclosed that it had received a takeover offer. Ten years since rumours surfaced that Heineken was preparing a takeover and five years since the world's biggest brewers, InBev and SABMiller, were rumoured to be kicking the tyres, Foster's finally announced that it had rejected a $9.5 billion bid from SABMiller."
As was Fairfax's Elizabeth Knight who saw something of The Block in Foster's: "There is little point in putting a property on the market if you are not prepared to sell it. Based on that logic, it is hard to imagine Foster's Group will not ultimately change hands thanks to a $9.51 billion opening bid by SABMiller. It's been a takeover gestating for 10 years that now looks like it will finally be delivered. On that basis, all those long-suffering investors can anticipate with some certainty they will be able to cash in their chips. It matters not to them who the ultimate buyer will be. The board officially put the ''for sale'' sign outside the company when it got rid of – or ''demerged'' – the poison-pill wine division. It was clear the aim of the exercise was to entice a corporate suitor into bidding for the more attractive stand-alone beer business."
The Australian Financial Review's Chanticleer columnist wrote this morning: "When SABMiller chief Graham Mackay explained why he bid $9.5 billion for Foster’s Group he damned the management of Australia’s largest beer company.
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We had two of the great cliches of Australian business reporting on show yesterday: Rate Rise Looms was shafted by the latest board minutes from the Reserve Bank, meaning the henny pennys will have to take a nap. But the other perennial, Foster's Bid
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