22 Sep 2011

Foster's accepts takeover offer

1:50 pm on 22 September 2011

Australian brewer Foster's is being swallowed up by rival SABMiller in a deal that values the company at $A9.9 billion.

Foster's board rejected the Anglo-South African brewing giant's previous bid, worth $A9.5 billion, saying it undervalued the company, but is recommending shareholders accept the latest offer.

The company has sold much of the beer empire that once made it a household name around the world, and it's also recently decided to spin off its wine business but remains the dominant operator in its home market.