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The Federal Treasurer has approved the $11.5 billion acquisition of Foster's Group Limited (ASX:FGL) by SABMiller.
As part of the deal SABMiller has agreed to keep the management of the brewer’s operations in Australia and will not relocate existing facilities overseas.
Approval has also been given for SABMiller to take the remaining 50 per cent of Pacific Beverages, owned by Coca-Cola Amatil Limited (ASX:CCL).
In the 2011 financial year, Foster’s Group booked a net loss of $89 million.
