find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Foster's deal all over, bar the shouting

Foster's deal all over, bar the shouting

Allens Arthur Robinson and Allen & Overy are set to crack open the celebratory tinnies as the Foster's takeover nears completion.Yesterday (1 December), Foster's shareholders overwhelmingly…

Allens Arthur Robinson and Allen & Overy are set to crack open the celebratory tinnies as the Foster's takeover nears completion.

Yesterday (1 December), Foster's shareholders overwhelmingly voted to approve the $12.3 billion sale to the British-based brewing behemoth SABMiller.

In September, Foster's management accepted a revised offer from SABMiller after the Australian brewing company's legal advisors, Allens (whose team was led by senior partner Ewen Crouch and capital markets co-head Robert Pick) helped to persuade SABMiller to increase its previous bid of $9.5 billion to $9.9 billion.

After factoring in Foster's debt, the SABMiller bid values Foster's at $12.3 billion.

Speaking to Lawyers Weekly this morning, fresh out of a Supreme Court of Victoria hearing that gave final approval for the sale, Allen & Overy partner Aaron Kenavan, one of four partners from the firm advising SABMiller, said that getting the revised offer to the table involved a great deal of complexity.

"The novelty and complexity from our perspective centered on not so much the value of the transaction, but changing it from a takeover bid to a scheme," he said. "It was the first time ASIC has allowed someone to do that, and getting the relief we needed to do that required quite a bit of work."

Kenavan was assisted by fellow M&A partner Michael Parshall, with antitrust partner Dave Poddar and banking partner Adam Stapledon also advising.

While the Foster's deal is all but put to bed, Kenavan and senior associate Ratha Nabanidham are also involved in SABMiller's decision to buy out its joint venture partner in Australia, Coca-Cola Amatil. In Australia, this joint venture operates under the name of Pacific Beverages, with its stable of local brands including the Bluetongue Brewery.

It is expected that this transaction, with an expected value in excess of $300 million, will be finalised by the middle of next year.

Foster's shareholders voted to approve the takeover of the iconic Australian brand less than one week after Treasurer Wayne Swan gave the deal the Federal Government's seal of approval.

The government only gave the green light after SABMiller pledged not to relocate Foster's brewing facilities offshore.

Clifford Chance acted for the financial institutions involved as the lead arrangers and book runners on the deal, which included Barclays and Morgan Stanley, with Sydney-based partner Scott Bache and London partner Geeta Khehar leading the firm's team.

Hogan Lovells advised SABMiller on the international aspects of the transaction.

Justin Whealing

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Foster's deal all over, bar the shouting
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...