Foster's Picks Citigroup, Others for Loan to Back Southcorp Bid
Foster's Group Ltd., Australia's biggest liquor company, got Citigroup Inc., JPMorgan Chase & Co. and four other banks to provide a A$2.7 billion ($2.1 billion) loan to help fund its hostile bid for competitor Southcorp Ltd.
Citigroup, Commonwealth Bank of Australia, JPMorgan and Westpac Banking Corp. joined the Melbourne-based company's advisers Goldman Sachs JBWere and Credit Suisse First Boston Inc. to provide the nine-month loan, bankers involved in the deal said. Foster's is trying to buy Southcorp for A$3.1 billion.
Southcorp, Australia's second-biggest winemaker, last week told shareholders to reject Foster's bid because it doesn't reflect the Sydney-based company's improved profit outlook. Buying the maker of Lindeman's wines will make Foster's the world's biggest maker of wine selling for more than $3 a bottle.
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Foster's Group Ltd., Australia's biggest liquor company, got Citigroup Inc., JPMorgan Chase & Co. and four other banks to provide a A$2.7 billion ($2.1 billion) loan to help fund its hostile bid for competitor Southcorp Ltd.
Citigroup, Commonwealth Bank of Australia, JPMorgan and Westpac Banking Corp. joined the Melbourne-based company's advisers Goldman Sachs JBWere and Credit Suisse First Boston Inc. to provide the nine-month loan, bankers involved in the deal said. Foster's is trying to buy Southcorp for A$3.1 billion.
Southcorp, Australia's second-biggest winemaker, last week told shareholders to reject Foster's bid because it doesn't reflect the Sydney-based company's improved profit outlook. Buying the maker of Lindeman's wines will make Foster's the world's biggest maker of wine selling for more than $3 a bottle.
Read More...
posted by Mohd Amin | 5:55 PM
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