Foster’s on the prowl
Once upon a time people did what they had to do and only talked about it afterwards. Nowadays they talk about doing it before they do it. Take Foster’s. At a recent investment conference, Foster’s Beringer Blass Wine Estates Managing Director Walter Klenz was quoted as saying that his company was looking for more scale in Europe.
What could he possibly mean? Well, that Foster’s was on the lookout for European wineries. Foster’s has convertible bonds valued at USD400 million which are due next October and the funds from these bonds could be used to finance an acquisition overseas.
In 2002 (end of June 2002) Foster’s turnover was USD2.5 billion and its market capitalisation USD5.2 billion. Southcorp’s turnover in the same period was USD1.2 billion..
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