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Foster's gets 63%

Published:  23 July, 2008

At the end of last week Foster's, the Australian wine and beer giant, had taken 63.3% of the shares of its rival Australian winemaker Southcorp.

This gives Foster's effective control of the company. A fortnight ago Foster's declared its offer unconditional.

The much-anticipated merger will bring together some of the strongest brands in the Australian wine category: Wolf Blass from Foster's, and Rosemount, Lindemans and Penfolds from Southcorp. Numerous smaller brands are also included in the deal.

Foster's has yet to release its plans for the UK, although one of the two UK offices is expected to close.

Foster's launched its bid after buying 18.8% of Southcorp from the Oatley family, founders of the Rosemount brand. The offer closes on 26 May.