John Pollaers News
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SABMiller Plc, the brewer that bought Foster’s Group Ltd. last year, reported third-quarter volume growth that met estimates as improved sales in Africa and Asia offset larger-than-expected declines in Europe and the U.S.
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Foster’s Group Ltd. Chief Executive John Pollaers said the company is focusing on its business rather than talking to SABMiller Plc after rejecting a A$9.5 billion ($10.2 billion) takeover bid from the maker of Peroni and Grolsch.
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Foster’s Group Ltd., Australia’s biggest brewer, will return at least A$500 million ($525 million) to investors as it resists SABMiller Plc’s hostile takeover bid.
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Foster’s Group Ltd., Australia’s biggest brewer, is open to discussing a “sensible” bid with SABMiller Plc after refusing to enter detailed negotiations on the U.K. company’s hostile A$9.5 billion ($10 billion) offer.
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Foster’s Group Ltd. Chief Executive Officer John Pollaers, three months into the role, may tomorrow announce plans for share buybacks to blunt the appeal of SABMiller Plc’s hostile takeover bid as profit drops.
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Foster’s Group Ltd. , Australia’s biggest brewer, named John Pollaers as the new chief executive officer of the company’s beer unit should its board proceed with plans to spin off the world’s second-largest wine business.
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Foster’s Group Ltd., Australia’s biggest brewer, hasn’t been in contact with SABMiller Plc since rejecting a A$9.5 billion ($10 billion) takeover offer from the maker of Peroni and Grolsch last week.
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Foster’s Group Ltd., which rejected a takeover from SABMiller Plc, won’t rule out talks with its rival even as no discussions have been held since the A$9.5 billion ($10.4 billion) bid was rejected last month.
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SABMiller Plc clinched Foster’s Group Ltd. with a sweetened A$9.9 billion ($10.2 billion) offer for Australia’s biggest brewer after three months of pursuit.
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Foster’s Group Ltd. , Australia’s biggest brewer, said it has stabilized its share of domestic beer sales at about 50 percent in a market that may decline as much as 5 percent in the second half of 2010.
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