The proposed takeover of Aussie brewer Foster’s Group has been waved through by the country’s competition watchdog.

The Australian Competition & Consumer Commission yesterday said it would not stand in the way of the swoop by SAB Miller.

It decided the proposed AUD9.9bn deal would not significantly lessen competition in the local beer market.

The news comes after the Foster’s board last week gave its backing to an improved offer from the Grolsch and Peroni brewer, bringing an unexpectedly swift end to what many expected would be a protracted battle for control.

Read more
SAB Miller wins out in battle to buy Foster’s (21 September 2011)
Losses slow as Foster’s boss claims ‘turnaround is on track’ (23 August 2011)