News: Fosters demerger approved

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The Supreme Court of Victoria has approved the demerger of Foster's Group Limited (ASX:FGL) beer and wine companies.



Treasury Wines will begin trading independently from Foster’s on the ASX under the code TWO on May 10, and the full demerger will be completed on May 20.



The company’s shareholders approved the demerger at an extraordinary meeting on April 29, after a long 12 months of negotiations.



Australia's largest brewer booked a 12 per cent drop in half year net profit in February, falling to $312.7 million in the six months to 31 December 2010.