Today I approve the application by SABMiller PLC (SABMiller) to acquire Foster's Group Ltd (Foster's) and the remaining 50 per cent of Pacific Beverages Pty Limited currently owned by Coca-Cola Amatil, under the Foreign Acquisitions and Takeovers Act 1975, subject to undertakings I have sought and obtained from SABMiller.
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. I have taken these undertakings into account as part of my decision.
In summary, SABMiller's undertakings are as follows:
SABMiller has also informed the Foreign Investment Review Board (FIRB) that it is aware of the history and heritage of Hobart's Cascade brewery, and understands its value to the local community. SABMiller has advised FIRB that it will look to best capitalise on these attributes of Foster's business.
In addition to Foster's undertakings, I have taken into account SABMiller's plans to strengthen Foster's brand portfolio and work with its local employees to bring its global scale and expertise to the business. I also note SABMiller's current intention that Foster's operational employees will remain in their existing roles on the same or substantially similar conditions to those which they currently enjoy.
The Government welcomes foreign investment in Australia and continues to ensure that investments are consistent with Australia's national interest.
25 November 2011