Pacific Brands Ltd., Australia’s largest listed clothing manufacturer, appointed Macquarie Group Ltd. to conduct a strategic review after cutting its earnings forecast a fourth time this year. The shares plunged the most in almost four months.
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, 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.
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.
SABMiller Plc, the world’s second- largest brewer by volume, will take its A$9.5 billion ($10 billion) bid for Foster’s Group Ltd. directly to shareholders, going hostile after the board rejected the price as too low.