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Foster’s Group Limited

Fosters Group Limited

77 Southbank Boulevard
Southbank, Victoria 3006
Australia
Telephone: +61 (3) 9633-2000
Fax: +61 (3) 9633-2002
Web site: http://www.fostersgroup.com

Public Company
Incorporated: 1962 as Elder Smith Goldsbrough Mort Ltd.
Employees: 14,000 (2001)
Sales: A$5.164 billion (US$2.82 billion) (2002)
Stock Exchanges: Australia London
Ticker Symbol: FGL
NAIC: 312120 Breweries; 312130 Wineries; 312140 Distilleries

Fosters Group Limited, whose beer commercials once taught drinkers to speak Australian, has also developed a taste for fine wine. With its purchase of California leader Beringer Wine Estates, Fosters has evolved into a global premium beverage company. The Groups Beringer Blass division sells about 15 million cases of wine per year in more than 67 wine markets.

The company produces and markets the most famous beer of the land Down Under, Fosters Lager, as well as the countrys other leading beer brands, such as Victorias Bitter and Crown Lager. One of the worlds largest brewers, Fosters has brewing operations in Australia, Fiji, Vietnam, India, and China, plus wine operations in Australia, Chile, the United States, the Netherlands, France, and Germany.

The company has four main divisions: Carlton & United Breweries (CUB), Beringer Blass Wine Estates, Fosters Brewing International, and The Lensworth Group. CUB is the companys Australian beer and leisure arm, and of the four main divisions, the companys biggest profit driver. Managed by Fosters Brewing International, Fosters Lager is sold in more than 150 countries. The Lensworth Group, the companys property division, is developing communities in Queensland, New South Wales, and South Australia.

Origins: From Jam to Beer

Though Fosters predecessors date to the late 19th century, many sources trace the companys emergence as a major force in Australian business to the activities of one man, John Elliott. Through an astonishing series of acquisitions over the course of more than a decade, Elliott assembled a major conglomerate using a moderately sized jam company as its nucleus. At about the age of 30, Elliott returned to Australia after a brief stay in the United States, where he had worked as a consultant. Beginning in the early 1970s, with his only significant business experience consisting of a short stint at Australias largest corporation, Broken Hill Proprietary Co. (BHP), and a six-year engagement at the American consulting firm of McKinsey & Co. (two of those years in Chicago, and four in Australia), Elliott set out to conquer the business world from the top, running his own company rather than working his way up from within one. After rounding up about A$30 million in backing from a collection of Australian business leaders, Elliott purchased Henry Jones (IXL) Ltd., a Tasmanian company whose main businesses were making jam and canning fruit. (IXL was the food companys lead brand of jam. Its name was a phonetic spelling of I excel.) Henry Jones grew during the rest of the 1970s through a series of acquisitions of companies that could provide necessary auxiliary services, including canning, packing, milling, and freezing operations.

One of the companies that had helped finance Elliotts takeover of Henry Jones was Elder Smith Goldsbrough Mort Ltd. Australias leading stock and station agency business. In operation since 1839, this company provided a wide range of agricultural services, including livestock and wool auctioning, real estate services, and farming supply merchandising. In 1981, Elder Smith became the target of a takeover attempt by the Bell Group, a company controlled by one of the richest men in Australia, Robert Holmes a Court. Elder Smiths management asked Elliott to act as a white knight and rescue it from the hostile raider through a merger. What took place was essentially a reverse takeover, with the larger Elder Smith buying out Henry Jones (IXL), to create Elders IXL Ltd. The Jones management team assumed the new companys leadership positions.

One important asset that Elder Smith brought into the merged company was its fledgling banking operation, in which it provided farmers with a variety of financial services that included advances, acceptance of deposits, and mortgages. The companys work in the world of finance was expanded in 1982, when, a mere month after the mergers official completion, the company acquired the Wood Hall Trust, a British company with financial interests throughout the Far East and Australia. Elders also diversified into the oil business in 1982, with the purchase of a 19.9 percent interest in Bridge Oil Limited, a large publicly held company.

The next event of great importance for Elders was the 1983 takeover of Carlton & United Breweries Ltd. (CUB), best known as the makers of Fosters Lager. CUB was founded in 1888 by W.M. and R.R. Foster, American immigrants to the land Down Under. Before their arrival on the Australian brewing scene, virtually all the countrys beer was imported from Great Britain. The Foster brothers introduced lager beera lighter brew that was better suited to Australias harsh climate than heavy British alesas well as refrigeration to the island. CUB began its long evolution into an international brewing powerhouse in 1901, when it shipped Fosters Lager to Aussies serving in the Boer War in Africa. In the early 1980s, CUB used Fosters growing worldwide reputation to overcome the Australian brewing industrys notorious provincialism. By the mid-1980s, Fosters Lager was the nations top brand.

CUBs relationship with Henry Jones had started in 1980, when the brewery purchased Elder Smiths premerger, 33 percent stake in that company. CUB had also acted as something of a matchmaker during the formation of Elders IXL by buying Holmes a Courts share of Elder Smith, and thereby eliminating the specter of further takeover attempts by him. Between these two actions, CUB had become Elders IXLs major shareholder at over 49 percent by 1983. Toward the end of that year, New Zealander Ron Brierley, head of investment holding company Industrial Equity Ltd., launched a bid to take over CUB. Once again Elliott responded quickly, raising US$720 million in two days with which to start buying CUB stock. Within a couple of weeks, Elliott had taken control of over half of the brewerys stock, and by the middle of 1984, he had gained full ownership.

Evolution of Elders IXL in the 1980s

The rest of the 1980s was marked by a nonstop series of acquisitions in a variety of industries, including mining operations and more beer companies. One result of this period was Elliotts reputation as one of a rising breed of Australian takeover artists, a group whose members included Holmes a Court, media mogul Rupert Murdoch, and Alan Bond (also known as the man who took Americas Cup out of America). The takeover of CUB, the largest in Australia up to that time, also created a substantial debt for Elders. The strategy for reducing the debt was to sell off the unprofitable parts of the various acquired companies at the same time new ones were being sought. For example, by the middle of the decade, there was no longer a Food division at Elders, whereas food was once the companys core industry. By 1986 the old jam factory in the suburbs of Melbourne, now housing the companys headquarters, was nearly the only remnant of the old version of Elders. Also dumped were the 350 pubs once controlled by Carlton & United. Among the companys purchases during the mid-1980s was a 40 percent stake in Roach Tilley Grice & Co., a major Australian stockbrokerage, and a 20 percent interest in Kidston Gold Mines Ltd., both in 1984.

In 1985, Elliott launched a takeover bid for Allied-Lyons PLC, a company four times the size of Elders. Elliotts initial bid for Allied, a British brewery and food conglomerate in which he already held a 6 percent share, totaled A$2.3 billion, the money coming from a multinational banking syndicate led by Citicorp. The move for Allied reflected a desire on the part of Elders management to expand substantially into European markets, prompted by the limitations of Australias population of only 15 million. The bid for Allied eventually reached A$2.7 billion, but it was allowed to lapse without achieving its goal. One reason for the failure of the takeover attempt was Allieds merger with the Canadian liquor company Hiram Walker, which was itself fending off a takeover bid. Meanwhile, Elliott once again became involved in a raid orchestrated by Holmes a Court, this time saving Broken Hill Proprietary Co. (BHP), Australias largest corporation, from a hostile takeover. With Holmes a Courts Bell Resources in control of 18 percent of BHP in the midst of its unfriendly bid, Elliott suddenly came up with about 19 percent of that company over the course of just a few hours and was invited to join BHPs board. Though grateful for Elliotts assistance in warding off the raid, BHP in turn purchased 19 percent of Elders in order to preclude the possibility of that company launching a BHP takeover attempt of its own. Before 1986 was over, Elders became the first foreign company to own a major British brewery when it acquired not Allied-Lyons, but Courage Brewing Ltd., Englands sixth largest brewer. Elders paid A$2.1 billion for the brewery and the 5,000 pubs the company also controlled. This purchase greatly expanded the presence of Fosters beer in Europe. Previously there had been a licensing agreement with London brewing giant Watneys.

By the end of 1985, Elders was selling beer in about 80 countries around the world. The companys profit for that year was A$112 million, a 73 percent increase over the previous year, on revenues of A$5.4 billion. In 1987, Elders made its first North American beer acquisition, purchasing Carling OKeefe Breweries, the third largest brewer in Canada, for about A$300 million. By that year, Elders was the worlds number six beer maker. It was a heady time for Elliott in other ways as well. He was a rising star in Australias Liberal Party, and his Carlton Football Club won the Australian equivalent of the Super Bowl.

Company Perspectives:

The vision of Fosters Group Ltd. is Inspiring Global Enjoyment. Whether through beer, wine, spirits, leisure, or property, Fosters premium products inspire enjoyment around the world. Fosters mission is to build premium quality, first-choice brands, deliver service excellence to customers and consumers, generate superior returns for shareholders, create an inspiring workplace, and be welcomed in the communities in which we operate.

In 1988, Elders bought the remaining 60 percent of Roach & Co. Ltd., the stock brokerage into which it had bought five years earlier. That year there was widespread speculation that Elders would mount a takeover bid for Anheuser-Busch, which controlled about 40 percent of the beer market in the United States. These rumors were fueled in part by the fact that the Bond Group, the companys chief rival in its home country, with whom it virtually split in half the Australian beer market, had recently purchased G. Heileman Brewing Co. of Milwaukee, establishing a strong American base of operations. Although Elders held about one percent interest in Anheuser-Busch, no action was taken toward a takeover at that time. Acquisitions had expanded the company substantially over the last half of the decade, from A$7 billion in 1985 to A$17.6 billion in 1989. Net worth multiplied rapidly as well, from A$l 12 million to a peak of A$795 million in 1988 before ending the decade at A$630 million. In 1989, Elders IXL was Australias largest conglomerate, but the strains of a decade-long, debt-funded acquisition spree were beginning to show.

Fosters as Primary Business in 1990

In 1989, Elders merged its North American beer operations (Carling OKeefe) with Torontos Molson Breweries. (In 1998, Fosters sold its 50 percent interest in Canadian Molson Breweries for A$l.l billion.) At the time of its creation, the joint venture controlled 53 percent of the beer market in Canada. Other events of 1989 reshaped the companys future and ultimately led to Elliotts departure from the company he had built into an international empire. Harlin Holdings Group, a private investing firm owned mainly by Elders managers and led by Elliott, bought a 17 percent stake in Elders to secure the company from bids for control by outsiders. Australian regulators ruled that Harlin had to extend its offer of A$3 per share to all shareholders. As a result of this decision, Harlin embarked on what amounted to a takeover campaign for Elders, and ended up with a 56 percent holding in the company. This was a far greater share than the group had intended to purchase, and the Harlin Holdings Group found itself A$2.8 billion in debt.

The solution to this situation, proposed by Elliott, was to spin off the companys agricultural business as a public company, carry on strictly as a beer operation, and sell off everything else, with proceeds going to the shareholders, the largest of which was Harlin. In addition, Harlin would also sell a portion of its holdings in both the remaining and spun-off corporations. In 1990, Elders began actively disposing of its non-beer enterprises. The companys paper, mineral, oil, and gas investments were divested in June of that year with the sale of Elders Resources NZFP to Carter Holt Harvey. Other properties that were sold off included the companys stockbrokerage and investment banking businesses, its North American grain operations, and its holdings in Scottish & Newcastle Breweries PLC. In addition, over 80 subsidiaries were liquidated that year.

While this streamlining process was taking place, Peter Bartels replaced Elliott as chief executive officer of Elders in May 1990. Elliott retained his chairmanship of the companys board. For the fiscal year ending in June 1990, Elders reported the largest loss in the history of Australian business, A$1.3 billion. Much of the loss was attributable to huge write-offs associated with the companys ongoing structural overhaul. The losses were particularly disastrous for Elliotts Harlin Holdings, which had come to rely entirely on dividends from its shares of Elders to make the interest payments on its huge bank debts. Harlin moved to alleviate some of its financial pressure by selling about 20 percent of its holdings in Elders for A$960 million to Japans Asahi Breweries Ltd..

In December 1990, the name of Elders IXL was changed to Fosters Brewing Group Ltd., which better reflected the companys increasing focus on the beer part of its business. Throughout 1991, the divestment of non-brewing properties continued. Elliott was succeeded as chairman by Neil Clark. Elliott continued as a board member, holding one of the three seats controlled by International Brewing Holdings Pty., the new name for the Harlin Group. International Brewing was still the Fosters largest shareholder at 38 percent in the early part of 1992, but its dependence on dividends from these shares as its sole source of revenue proved problematic. In March 1992, Peter Bartels resigned as chief executive of Fosters. His resignation, according to the March 3 issue of the Wall Street Journal, came about because of his opposition to increased dividends, for which Elliott and Clark had been lobbying. Bartels was replaced by Edward T. Ted Kunkel, formerly head of the companys joint venture with Molson.

Key Dates:

1888:
W.M. and R.R. Foster build a large brewery near Melbourne.
1907:
Carlton and United Breweries Proprietary (CUB) is formed when the Foster brothers merge operations with five other breweries.
1981:
Elder Smith is merged into Henry Jones, forming Elders IXL Ltd.
1986:
The company acquires Courage Brewing Ltd., followed by Canadas Carling OKeefe Breweries in 1987.
1989:
Carling OKeefe and Molson form a joint venture, Molson Breweries of Canada.
1990:
John Elliott resigns as chairman and CEO, and Elders IXL changes its name to Fosters Brewing Group Limited.
1992:
Molson Breweries chief Ted Kunkel becomes CEO.
1996:
Fosters acquires Mildara Blass, one of Australias leading premium wine companies, and Rothbury.
1998:
Fosters acquires the Austotel hotel chain, making it Australias largest operator of hotels.
2000:
Fosters acquires Beringer Wine Estates for about A$2.9 billion (US $1.2 billion).
2001:
Fosters merges the Beringer and Mildara Blass wine businesses, renaming the division Beringer Blass Wine Estates; the company removes Brewing from its formal name, becoming Fosters Group Limited.

In June 1992, International Brewing was put into receivership by BHP, to whom it owed over A$l billion. In September of that year BHP became the largest shareholder in Fosters, with a 32 percent stake in the company. BHP acquired this share from two sources, the security on its own defaulted loans to International Brewing, and by buying the shares controlled by the Vextin syndicate, a group of banks to whom International Brewing had also owed in excess of A$l billion. Elliott, along with the other representatives of International Brewing, made his final exit from the Fosters board of directors in that month as well. Fosters reported a net loss for the third year in a row in the fiscal year ending in June 1992. The company lost A$951 million in that year, once again due largely to substantial write-downs, many of which were the results of unsound property loans made by the companys defunct investment banking branch.

Concentration on Brewing in Mid-1990s

By the mid-1990s Fosters was a pared-down version of its former self, with sales whittled from a high of A$ 17.6 billion in 1989 to A$7.2 billion in 1994. Under the direction of CEO Kunkel, who had earned a reputation as a skilled brewer and manager while at Fosters Carling OKeefe subsidiary in Canada, the company turned its attention from the 1980s upheaval to concentrate on the business of brewing and selling beer.

Kunkel soon found that his work was cut out for him. Although his company controlled enough brands to give it leading shares of the Australian and Canadian markets as well as a number two rank in the United Kingdom, its namesake brand, Fosters, was struggling at home. Inextricably linked to the conspicuous consumption of the 1980s, the brand quickly fell out of favor in the recession-battered 1990s. In spite of (some analysts claimed because of) expensive marketing campaigns, and as budget-conscious Aussies traded down to cheaper brews, the market share for Fosters Lager was halved from about 16 percent in 1987 to seven percent by 1993. Perhaps more ominously, Australias already-small domestic market was shrinking at an alarming rate due to a combination of demographic, social, and economic factors. Kunkel refused to sacrifice Fosters profit margin, telling Forbes magazines Subrata Chakravarty, Im not a discounter, Im a brand builder. Fortunately for the company, many of the beer drinkers who remained, opted for another Fosters brew, Victoria Bitter, making that label the nations leading brand by 1993.

Though the company continued to shepherd its namesake brand in the domestic market, it had become clear that Fosters best opportunities for future growth lay overseas. In 1993 the company launched a concerted effort to gain market share on the United Kingdoms leading lager, Cartings Black Label. It was an ambitious goal; at 14 percent of the lager market, Fosters was a fairly distant second to Black Labels 19 percent. On the other side of the globe, Fosters was forging ties to the Chinese beer industry, which was expected to grow at double-digit rates in the mid- to late 1990s. In 1993, Fosters took a 60 percent stake in the government-owned Huaguang Brewery and created a second joint venture with the Princess Brewery. By 1996 the Australian company had acquired a third Chinese interest, the Tianjin Bohai Brewing Company, as well. However in 1998, to curtail losses and focus on building the Fosters brand in the Shanghai beer market, Fosters made public its intention to sell two of its three China breweries.

Fosters ongoing rationalization program saw the divestment of the U.K. Courage Brewing interests. In 1997, Molson Breweries made moves to begin repurchasing the equity stakes held by Miller Brewing Co. and Fosters. (The following year, Fosters sold its 50 percent interest in Canadian Molson Breweries for A$l.l billion. More recently, in 2001, Fosters and Miller Brewing formed an arrangement called the Fosters USA partnership, in which Fosters has a 49.9 percent interest.) Also in 1997, major stakeholders Asahi Breweries and Broken Hill Proprietary announced the impending sale of their stakes in Fosters. Meanwhile, in 1997, Fosters became the first foreign brewer to announce plans to establish operations in India. Stepping toward its objective of pursuing high-growth emerging markets in Asia, the company also invested in the Vietnam beer market, purchasing two breweries in that country.

Around this time, Fosters decided to enter the wine industry and build a significant wine business. The process started with the 1996 acquisition of two Australian winemakers, Mildara Blass and Rothbury. The following year, to fulfill the companys objective of launching an international wine club business, Mildara Blass acquired the Australian company Cellarmaster Wines, one of the worlds largest wine club operators. The company later purchased wine clubs in the Netherlands and Germany.

A Millennial Move into Wine

The year 2000 heralded an era of dramatic change for Fosters. That year, Fosters acquired Beringer Wine Estates, a leading U.S. wine company, in a transaction valued at A$2.9 billion. As a result, Fosters transformed itself from a beer business with a Wine division into a global premium-branded beverage company. Building on its 1996 purchase of Mildara Blass, the Beringer acquisition gave Fosters access to more than 10,000 acres of vineyard in California, high-end brands such as Meridian and Stags Leap, and in the context of slow growth in the companys core beer business, a chance to expand Beringer brands into Asia and Europe while marketing Mildara brands in the U.S. through Beringer distribution networks. The acquisition significantly affected the companys composition. Beringer doubled the size of the companys wine business and increased the portion of its profits from overseas. The acquisition prompted a flurry of discussion about merger activity and global consolidation of the wine industry, as producers sought lower costs and larger, high-growth markets such as Asia. The purchase sealed the Fosters Groups drive to build a well-balanced business with strong cash flows, growth prospects, and diversity of investment risk.

In 2001 the company announced the new name and focus of its Wine division: Mildara Blass and Beringer Wine Estates merged to become Beringer Blass Wine Estates. By the fall of 2001 wine was being sold in three channels: the traditional wine trade, clubs, and wine services. In 2000, Fosters pursued an e-commerce initiative to target the U.S., British, and European markets. The company purchased the U.S. direct-wine marketer Windsor Vineyards and a 25 percent share in Australian e-tailer Wine Planet. The following year, to stem further losses, Fosters acquired the remaining shares of Wine Planet, and folded the operation into its existing group of wine clubs. In 2001, Beringer Blass added International Wine Accessories to its portfolio.

In April 2001, Fosters announced its intention to change its name from Fosters Brewing Group to Fosters Group Limited. Removing the Brewing reflected the companys composition of businessesbeer, wine, and leisure property. At the time, Australian companies were making news by expressing interest in U.S. wineries; for instance, Fosters rival Lion Nathan expanded into wine and the Australian conglomerate Southcorp revealed interest in the U.S. market. On June 5, 2001, Becky Gaylord of the New York Times linked the trend of Australian acquisitions with Fosters name change, and noted that the company puts US$6.00 of every US$10.00 it invests into wine. In the latter half of 2001, Fosters pursued bolt-on acquisitions that could add immediate value, including Etude Wines in Napa Valley. Meanwhile, Fosters planned to sell up to 50 hotels over the next three years to improve returns in its Australian Leisure and Hospitality division.

At the companys 2001 General Meeting in October of that year, Kunkel described the company as battle ready to address uncertain times. Kunkel warned that Fosters might not be immune from the economic fallout in the United States after the events of September 11. But, he said, the companys strategy of achieving product and geographic diversity would spread business risk. Looking at the state of the company, Kunkel said Fosters had achieved a better split between its beer, wine, and leisure businesses, and a better mix of strong cash and growth businesses. Beringer Blass was producing more than 15 million cases of premium wine a year, and was at that point the worlds third largest premium wine company by earnings. Meanwhile in Asia, the company had reached a break-even cash position for the first time, and the region would remain a key part of the companys goal to establish Fosters as a global brand. At the meeting, Kunkel emphasized, What we are about is inspiring global enjoyment. Fittingly, in the beginning of 2002, Fosters was on the cusp of launching its signature beer in Paris, a market it had been eyeing for several years.

Principal Subsidiaries

Australian Leisure and Hospitality (Liquor Shops and Hotels); Beringer Blass Wine Estates; Bourse du Vin International (Wine Club, the Netherlands); Cellarmaster Wines Pty. Ltd. (Wine Club); Carlton and United Breweries Limited; The Continental Spirits Company; Fosters USA (U.S.; 49.9%, Beer Distribution); Heinrich Maximillian Pallhuber (Wine Club, Germany); The Lens worth Group Limited (Investments); Windsor Vineyards (Direct-Wine Marketer, U.S.).

Principal Competitors

Lion Nathan; Kendall-Jackson; Anheuser-Busch.

Further Reading

Abrams, Paul, and Shawn Donnan, Fosters to Double Wine Operations with Beringer Deal, Financial Times (London), August 30, 2000, p. 25.

Abrams, Paul, and John Thornhill, A Fine Wine with a Hint of Marketing, Financial Times (London), September 2, 2000, p. 11.

The Brewers Fight for Survival, Euromoney, May 1990.

Can Fosters Become the Real Thing?, Economist, September 12, 1987.

Chakravarty, Subrata N., Soap Opera Down Under, Forbes, February 15, 1993, pp. 140-42.

Crabbe, Mathew, The Beer Baron Goes Banking, Euromoney, November 1988.

Daniusis, Paul G., Whats Brewing Down Under?, Beverage World, September 1993, pp. 52-5.

Debes, Cheryl, An Aussie Raiders Heady Bid to Buy a British Brewer, Business Week, September 23, 1985.

, An Unquenchable Thirst for Breweries, Business Week, October 19, 1987.

Drury, Barbara, Fosters Acquires Taste for Wine, Sunday Business, September 3, 2000, p. 18.

Elders IXL Acquires over Half of Shares of Australian Brewer, WallStreet Journal, December 13, 1983.

Foreign Beers Raised Highly into China Market, Xinhua News Agency, June 27, 1996.

Gaylord, Becky, In Australia, Even Fosters Is Turning to Wine, New York Times, June 5, 2001, p. Wl.

Hemp, Paul, Elders Cleared to Again Seek Allied-Lyons, Wall Street Journal, September 4, 1986.

Hewat, Tim, The Elders Explosion: One Hundred and Fifty Years of Progress from Elder to Elliott, Sydney: Bay Books, 1988.

Karp, Johathan, Cheers: Wheelock and Fosters Plan China Beer Ventures, Far Eastern Economic Review, July 7, 1994, p. 63.

Kilgore, A. A Globalisation of Fosters: A Case Study of Elders IXL, Nepean, Australia: University of Western Sydney, School of Business, 1990.

Kraar, Louis, John Elliott: Australias Apostle of Beer and Business, Fortune, January 5, 1987.

Lowenstein, Jack, The Brewers Fight for Survival, Euromoney, May 1990, pp. 97-101.

Maher, Tani, Molson-Elders: A Case of Deja Vu, Financial World, March 7, 1989.

Maremont, Mark, Foreign Beermakers Go Pub-Crawling, Business Week, October 6, 1986.

McMurray, Scott, Elders IXL Has 1% of Anheuser-Busch, Wall Street Journal, September 28, 1988.

Our Turn Now, Economist, April 19, 1986.

Pabst, Fosters Target China, Beverage World, July 1993, p. 18.

Schnitt, Paul, Californias Booming Wineries Tempt Global Companies, Sacramento Bee, September 6, 2000, p. Al.

Schoolman, Judith, How to Spell Wine in Napa Valley: Fosters, New York Daily News, Aug. 30, 2000, p. 33.

, Australia Brewing Group to Buy California Wine Company for $1.5 Billion, New York Daily News, August 31, 2000.

Sell, Sell, Sell, Economist, May 5, 1990.

Witcher, S., Australias Fosters Brewing Posts Loss for Third Consecutive Year, Wall Street Journal, September 16, 1992.

, Elders IXL Posts $1.08 Billion Loss for Fiscal Year, Wall Street Journal, September 26, 1990.

, Era Ends at Fosters, Asian Wall Street Journal Weekly, June 8, 1992.

, Fosters Brewing of Australia Names New Chief, Wall Street Journal, March 11, 1992.

Robert R. Jacobson

updates: April Dougal Gasbarre, Michelle Feder

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