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The Australian arm of Clifford Chance has played a role on the proposed $9.9 billion sale of Foster's to SABMiller.Clifford Chance advised a host of financial institutions involved as the…
The Australian arm of Clifford Chance has played a role on the proposed $9.9 billion sale of Foster's to SABMiller.
Sydney-based partner Scott Bache and London-based banking and finance partner Geeta Khehar led the firm's team, with clients on the deal including the Bank of America, Barclays, Citi, J.P. Morgan, Mizuho, Morgan Stanley, Santander, The Bank of Tokyo-Mitsubishi and the Royal Bank of Scotland.
"Being able to work on such deals is one of the reasons we established a presence in Australia," said Bache.
Allens Arthur Robinson acted for Foster's, while Allen & Overy acted for SABMiller, in conjunction with Hogan Lovells, which advised on international aspects of the transaction.
By factoring in Foster's debt, the SABMiller bid values the Melbourne-based Australian brewer at around $12.3 billion.
While the deal represents good value to Foster's shareholders in a shrinking Australian beer market, some politicians and union groups have questioned the takeover, concerned by possible job losses and the loss of an Australian connection with brands such as Cascade and VB.
The Foster's stable also includes international brands Asahi, Corona and Stella Artois.
Foster's is hoping that the shareholder and court approvals required to have this deal completed will be finalised by Christmas.
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