Pacific Brands Ltd., maker of the Hard Yakka and King Gee workwear labels, wrote A$242 million ($219 million) off the value of its industrial clothing unit, blaming a decline in the country’s mining investment boom.
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.
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.
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.
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.
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.
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.