Beer Me

Foster’s May Not Be ‘Australian for Beer’ for Much Longer

So it'd be 'South African for beer'?
So it’d be ‘South African for beer’? Photo: iStockphoto

The Wall Street Journal reports today that Foster’s Group Ltd., makers of the iconic big-ass cans of Aussie brew made famous here by Paul Hogan, is pushing back hard against global brewing goliath SABMiller and its attempts to gobble up the company through a hostile takeover. After Foster’s rejected a bid to buy the company back in June, SABMiller ratcheted up efforts, going directly after Foster’s shareholders with offers to buy them out.

Foster’s countered with an even more generous offer. Some analysts believe that shareholders could cave out of frustration with Foster’s poor performance, which is being blamed on slipping beer sales down under. Honestly, we’re not sure which is more disturbing, the possibility that Australia could lose its national identity (at least as far as us shallow, beer-drinking, and Crocodile Dundee–loving Americans are concerned), or that Australians are no longer drinking as much beer.

Foster’s to Return Money to Shareholders [WSJ]

Foster’s May Not Be ‘Australian for Beer’ for Much Longer