Business Services Industry
Foster's looks to ALH float and $550m buyback.
Australasian Business Intelligence, October, 2003
Oct 12, 2003 (The Australian Financial Review - ABIX via COMTEX)
The CEO of Foster's Group, Ted Kunkel, has said the company intends to buy back 125 million shares. This would be almost six per cent of its issued capital, and worth around $A550m at current share prices. The announcement by the Australian brewing company was made at a JP Morgan conference in Edinburgh. Kunkel said the cash will be provided by the divestment and sharemarket float of Australian Leisure & Hospitality Group. Kunkel indicated that this will compensate for those bondholders who had recently converted holdings to 125 million shares. Foster's is believed to be selling off this part of its business as it believes its growth potential is limited.
Publication Date: 11 October 2003...
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