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Confidence is High for Foster’s

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Foster’s is optimistic that it can take on its rival, Southcorp, now that its half-year profit results have been released.

“I guess this upgrade to me is a message of our increased confidence of what we are doing in the wine trade, particularly North America,” said Chief Executive, Trevor O’Hoy.

“This business is in the best shape I have seen it for some time,” he added.

Foster’s is pursuing a hostile $3.1 billion takeover bid for Southcorp.

According to a Herald Sun article,

“Carlton & United Beverages – which Mr O’Hoy describes as Foster’s engine room – reported almost 10 per cent growth in pre-tax earnings despite a 1.4 per cent fall in beer volumes.

However, sales revenues grew more than 6 per cent, partly on the back of consumers moving to premium beers like Corona, so-called ready-to-drink spirits and the introduction of wine into CUB’s portfolio.”

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Confidence is High for Foster’s
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