Corrs Chambers Westgarth has announced it is advising Foster's Group on the proposed demerger of its Beer and Wine businesses.
Foster's has decided to pursue a structural separation in order to create separate stock exchange listings for Beer and Wine - effective from 26 May - following significant progress with Foster's Transformation Agenda.
The Agenda, announced along with the Group's Wine Review Strategy in February 2009, includes the appointment of new senior management to the Wine and Beer businesses, the implementation of stand-alone organisational structures across Beer and Wine, and the re-shaping of the Wine portfolio including brand rationalisation.
The proposed demerger is subject to a detailed evaluation of the issues, a cost/benefit analysis for Foster's shareholders, and ongoing assessment of economic and capital market conditions.
Partner Braddon Jolley is leading the Corrs team, which includes partners Justin Fox, Jeremy Davis, Sandy Mak and Reynah Tang.