24 November, 2006

Australia: Brokers at Macquarie said InBev is unlikely to bid for Foster's

Brokers at Macquarie said rumoured Foster's suitor InBev is unlikely to make a takeover bid in near-term, Dow Jones Newswires reported November 23.

Macquarie noted that InBev is focused on beer and while Foster’s beer division could be an attraction - although its size and growth profile isn't compelling on a world stage - the wine exposure would act as a strong deterrent.

"We cannot definitively rule out a takeover of Foster’s," broker says. "However, we believe that a bid is relatively unlikely in the short term." Macquarie reiterated the ‘underperform’ rating; the price target stood at AU$6.09 versus early down 1.5% at AU$6.70.

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