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SABMiller moves to acquire Fosters

SABMiller has made moves for the acquisition of lager group Fosters as it aims to create ‘an attractive global spread of businesses’.

The company has announced that a non-binding, conditional proposal has been made by SABMiller to the board of Fosters to acquire of its shares.

The Australian lager company is said to be valued at $11.2 billion.

Graham Mackay, chief executive of SABMiller commented: "SABMiller has a proven track record of acquiring and integrating brewing companies in a way which benefits shareholders, employees, business partners and the broader community.

"We aim to strengthen the Foster's brand portfolio and work with the local team to bring our innovation, global scale and expertise to the business.

"We continue to believe that the proposal price is attractive and offers good value to Foster's shareholders. SABMiller can conclude a transaction quickly and will continue to seek engagement with the Board of Foster's to put an agreed proposal to Foster's shareholders."

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