Australia’s iconic Foster’s, like many of its counterparts around the globe, is set to become foreign owned.
In a long expected move, the Melbourne-based brewer, whose origins date back to the 1850s, will be sold to the British-based multinational SABMiller in a deal worth over $12.
After a sometimes heated four-month takeover battle, the Foster’s board has agreed to sell the business – which owns VB, Australia’s biggest-selling beer, and other popular brands such as Crown, Cascade and Carlton Draught – to Anglo-South African brewer SABMiller.
But SABMiller made no promises to maintain Foster’s headquarters in Melbourne or its Abbotsford plant, which has been making beer for more than 100 years.