Australia Takeovers Panel Won't Act On SABMiller Application Re Foster's
08 September 2011 - 2:13AM
Dow Jones News
The Australian government's Takeovers Panel said Thursday it has
decided not to act on an application by SABMiller PLC (SAB.JO)
claiming outlook and debt statements by takeover target Foster's
Group Ltd. (FGL.AU) were misleading and deceptive.
"The Panel concluded there was no reasonable prospect that it
would make a declaration of unacceptable circumstances in relation
to the financial objectives statements," it said in a
statement.
"The Panel had some concerns with the net debt statement;
however these concerns were allayed by Foster's volunteering to
make an announcement clarifying the basis for reaching a pro forma
net debt figure."
SABMiller has made a A$9.51 billion (US$10.18 billion) bid for
Foster's, which Foster's has rejected as undervaluing the
company.
-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095;
gavin.lower@dowjones.com
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