Foster's buys into winemaker
Australian brewing company Foster's has bought a stake in Southcorp Ltd, ahead of a possible takeover bid.
Acquired from Reline Investments, the holding amounts to 18.8 per cent of the issued share capital of Southcorp and was purchased at A$4.17 per share.
Both companies have now requested a halt in trading in their respective shares while discussions between them - which, according to Foster's, “may lead to a major corporate announcement” - take place.
Southcorp, which claims on its web site to be one of the top ten global wine producers, owns the Penfolds, Lindemans and Rosemount Estate labels.
Perhaps best known for its lager, Foster's also has a number of wines in its portfolio, including Wolf Blass, Greg Norman Estates and Jamiesons Run.
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