• Just-Drinks.com, Wednesday, September 21, 2011 10:47 AM

SABMiller has agreed a deal to buy Foster's Group for AUD5.1 per share in cash, valuing the business at AUD12.3bn (US$12.6bn), including debt.

The deal marks a change of heart by Foster's' management, which had rejected SABMiller's earlier approach at AUD4.9 per share.

Foster's chairman David Crawford said: "This is a compelling proposal from SABMiller and represents the value inherent in this iconic Australian company and in its brands and people." He said that the offer will deliver "certain cash proceeds [to shareholders] in an uncertain global economic environment."

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