Global Processing

SABMiller buys Foster’s shares in hostile bid

August 22, 2011

LONDON — European brewer SABMiller, whose brands include Peroni, Grolsch and Miller, is believed to have spent as much as 120 million pounds ($198 million) buying rival Foster’s Group Ltd. shares in recent days as part of a hostile bid, The Telegraph reported.

Bankers acting for SAB are understood to have purchased small blocks of shares from hedge fund managers at prices below the AUD $4.90-a-share offer price they have made public.

SAB has two months from August 16, when it made its hostile offer, to make a formal approach to investors.