By James Atkinson
Foster's Group shareholders today voted overwhelmingly in favour of the deal for SABMiller to acquire the company.
A total of 99.1 per cent of the votes were cast in favour of the resolution, and 87.2 per cent of shareholders present at the meeting (in person or by proxy) voted in favour of the resolution.
Having earlier faced some bizarre questions from shareholders, Foster's chairman David Crawford said that while the ownership of the company will soon change, the beer and the brands would continue to be produced in Australia and be developed and brewed by Australians.
"Foster's has been part of Australia for over a century and is certain to continue to feature in Australian life for many years to come," he said.
Foster's will apply to the Supreme Court of Victoria for approval of the deal at a hearing scheduled for December 2. If approved, the takeover will become effective on that date and Foster's shares will cease trading on the ASX.
If Court approval is granted, Foster's fully paid shareholders will receive $5.40 per fully paid share, and partly paid shareholder's will receive between $1.36 and $2.17 per partly paid share (depending on the unpaid portion of the issued price).