Foster’s $11bn sale to SABMiller approved | FT Alphaville

Foster’s $11bn sale to SABMiller approved

SABMiller has received approval for its A$11.5bn ($11.2bn) deal to acquire Foster’s Group under Australia’s foreign acquisitions laws, reports Reuters, but the Australian government has required the company to keep brewing operations in Australia.The approval was the final regulatory hurdle ahead of the Foster’s shareholders vote on December 1, which is expected to pass the deal.  Treasurer Wayne Swan, who also approved acquisition of the remaining 50 per cent of Pacific Beverages now owned by Coca-Cola Amatil, said SABMiller must keep management of the iconic Australian beer brand in Australia, and must also continue to invest in Foster’s, the maker of Victoria Bitter, Carlton Draught and Pure Blonde, and not shift any of Foster’s existing brewing facilities offshore to produce beer for the Australian domestic market.