Foster's drinks group to split beer and wine ops
Australia's Foster's drinks group is to split its beer and wine operations, a decision which is expected to trigger a race for either business by cash-rich bidders.
Crack it open: Shareholders want two stand-alone companies
Shareholders yesterday voted unanimously for the creation of two stand-alone companies.
Treasury Wine Estates, maker of Penfolds, Wolf Blass and Rosemount, will have revenues of £1.3bn.
Foster's will remain Australia's largest brewer with revenues of £1.6bn, making Foster's, Victoria Bitter and Carlton Draught.
New shares of the two groups will start trading separately on the Australian bourse on May 10.
The demerger is expected to spark interest from the likes of world number two brewer SABMiller for Foster's beer group, valued at £6bn.
American private equity firm Cerberus last year staged a failed £1.6bn bid for the wine business, which has for years been a drain on the more successful beer empire.
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