Fosters takeover offer rejected

Melbourne/London: SAB Miller said it would keep talking to Foster’s Group after Australia’s largest brewer rejected the global giant’s A$9.5 billion (€6.9bn) cash takeover offer as too low.

Chief executive Graham Mackay told analysts that SAB had not shown any intention of going hostile in what could be the industry’s biggest acquisition since InBev bought Anheuser-Busch for $52 billion in 2008.

“This is a proposal to Foster’s board, we expect to engage. This is not a hostile offer and we have given no indication we would move that way,” Mackay said in a webcast.