Australia: Beer and wine giant, Foster’s Group Limited (Foster’s), announced on March 23 the extension by a further 14 days of the takeover bid by Beringer Blass Wines Pty Ltd (a wholly owned subsidiary of Foster’s) for Southcorp Limited (Southcorp) contained in the bidder’s statement dated 18 January 2005. The offer is now scheduled to close at 5:00pm Melbourne time on Thursday 14 April 2005.
Foster's says its $3.1 billion takeover bid for Southcorp now comes with no strings attached from European regulators. Foster's said it has waived the European Commission approval condition to take over Southcorp after receiving regulatory clearance by the UK Office of Fair Trading and the German Federal Cartel Office.
Foster's two-month old cash offer for Southcorp, which makes Penfolds, Rosemount Estate and Lindemans wines, had been scheduled to close on March 31. Southcorp has urged shareholders to reject the Foster's bid, describing it as "inadequate and opportunistic". Foster's shares lost three cents to $5.16 while Southcorp shares eased one cent to $4.23.
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