2 Dec 2011

Foster's takeover approved by shareholders

1:02 pm on 2 December 2011

It's the end of an era for the Australian brand Foster's, with shareholders approving a $12.3 billion takeover bid from UK-listed SABMiller.

More than 99% of shareholders voted in favour of the deal after the Australian Government approved the sale last Sunday.

However, smaller retail investors expressed disappointment at Thursday's meeting, criticising the board and institutional investors for having a short-term view.

Foster's chairman David Crawford told the meeting the proposal is a good deal.

He says shareholders are being provided with certainty about the money they will be receiving, rather than the uncertainty of continuing to trade in uncertain times.

The deal now only needs the approval of the Victoria state Supreme Court before being completed, which SAB hopes will be before the end of the year.

As a condition of the deal, management of Foster's operations and brewing facilities will remain in Australia.