• Yahoo News, Thursday, September 22, 2011 12:15 PM

Australian beer giant Foster's has accepted an improved takeover worth Aus$9.9 billion (£6.5 billion) from British-based brewer SABMiller, the pair announced on Wednesday.

Foster's Group, whose leading lager brands include Corona and Foster's, had in August rejected a hostile bid of Aus$9.51 billion from SABMiller, which produces rival beers Grolsch and Miller Lite.

SABMiller on Wednesday said the Foster's board had since accepted an improved cash offer of Aus$5.10 per Foster's share. SABMiller said it expects the takeover to be completed before the end of 2011 after approval by Foster's shareholders.

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