Sabmiller to by foster's group for $10.1B

Australia's Foster's Group, which sells its brand as "Australian for beer," is joining SABMiller plc's sizable line up of beverages, the firms said Wednesday. After months of rejecting an offer from the British firm, SABMiller Chef Executive Officer Graham Mackray said in a statement that, "Fosters will become an important part of our business and through the application of our commercial capabilities and global size, we expect to build on the initiative that Foster's management has put in place." The translation for that is that SABMiller's huge global distribution structure will help push Fosters around the world. "We are pleased that we have reached agreement on a recommended transaction to be put to Foster's shareholders," Mackray said of the deal that is expected to save $150 million in annual operating costs.