Australian beer giant Foster''s rejected an initial Aus$9.51 billion (US$10 billion) takeover bid from SABMiller, but the global brewer said it would still pursue the group, reports the Associated Foreign Press. Foster''s said it had received an unsolicited, incomplete, non-binding and conditional proposal from SABMiller for all of its stock at Aus$4.90 per share. Foster''s, which owns Australia''s largest brewer Carlton and United Breweries, recently split its beer division from the underperforming wine assets which had suffered because of a grape glut and soaring local dollar. SABMiller said the proposal to buy the Australian company was in line with it strategy to create a global spread of businesses and it would continue to pursue discussions with Foster''s. It said Australia had a strong, wealthy and growing economy, was well positioned to benefit from continued economic growth in Asia, and had a profitable beer market in which Foster''s was the leading brewer. SABMiller said it had an agreement with its Australian partner Coca-Cola Amatil to buy its share of their Pacific Beverages joint-venture if the Foster''s transaction completes.