Australia’s Foster’s withdraws A$600 mln loan plan

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Australia’s largest brewer Foster’s Group Ltd has withdrawn a A$600m five- and six-year loan as the company is subject to a A$9.9bn friendly takeover bid by SABMiller, banking sources said.

Lead arrangers Commonwealth Bank of Australia and National Australia Bank had launched the deal to market in September priced at 170bp over BBSY for the five-year tranche and 190bp over BBSY for the six-year, a banking source said previously.