News: SABMiller bid for Fosters dealt a blow

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Takeover target Foster's Group Limited (ASX:FGL) has welcomed a decision by regulators to reject claims from its suitor, SABMiller, that Foster’s made misleading and deceptive statements in its annual result.

The Takeovers Panel has today stated that it identified no unacceptable circumstances in relation to the brewer’s financial and outlook statements.

Foster’s has strongly rejected the allegations from SABMiller and says it stands by the content of its 2011 full year results presentation.

Last month Foster’s rejected a $9.51 billion takeover bid from SABMiller that has since gone hostile.

In the 2011 financial year, Foster’s Group booked a net loss of $89 million.