Australia approves Foster's sale to SABMiller

The Australian government has approved brewer SABMiller's 9.9bn Australian dollars ($10.2bn; £6.5bn) takeover of Foster's. It did, however, pose a condition that the company must keep management of Foster's operations in Australia. UK-based SABMiller has also agreed not to relocate any brewing facilities offshore. The final step will be a vote by Foster's shareholders on 1 December, which is expected to pass the deal. "SABMiller has agreed to a number of undertakings which recognise the significance of Foster's to our economy and to our community, and support Australian jobs," said Australian Treasurer Wayne Swan in a statement. Last week, SABMiller raised its cash takeover offer for Foster's to $5.40 a share. This came after a tax ruling from authorities in Australia to ensure that Foster's shareholders don't lose out because of a capital return tax. SABMiller said it expects to complete the takeover by the end of this year