On 25 November 2011, the Australian Federal Treasurer on recommendation from the Foreign Investment Review Board (FIRB), approved SABMiller’s acquisition of Foster’s and the remaining 50% of Pacific Beverages.
SABMiller has provided certain undertakings to the Treasurer in relation to the Foster’s acquisition as part of the FIRB process. Given the local nature of Foster’s brewing business and its focus on Australian customers, these undertakings are consistent with our current intentions for the business, and will not affect our ability to integrate Foster’s and PacBev or to compete effectively in Australia.
The Treasurer’s approval of the transaction marks the final regulatory condition to be satisfied ahead of the shareholder vote at the upcoming scheme meeting scheduled for 1 December 2011.
If approved by shareholders at the scheme meeting, SABMiller continues to expect the acquisition to be completed before the end of 2011.