Australian Lawmaker Katter Against SABMiller's Bid For Foster's
21 June 2011 - 6:38PM
Dow Jones News
Australian independent lawmaker Bob Katter said Tuesday that he
opposes the 9.51 billion Australian dollar ($9.98 billion) bid by
global brewer SABMiller PLC (SAB.JO) for Australia's largest beer
maker Foster's Group Ltd. (FGL.AU).
Katter, one of four independent lawmakers whose votes are
crucial to passing laws for Australia's minority government, has
criticized the acquisition of Australian companies by foreign
firms.
"We need to protect and defend the farm from foreign vandals,"
he told Dow Jones Newswires.
Katter wants a "proper" oversight tribunal created that ensures
strategically important local industries aren't taken over by
foreign buyers.
Foster's has rejected the bid by SABMiller, saying it
undervalues the company.
-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095;
gavin.lower@dowjones.com
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