By Amy Looker in Melbourne
Foster’s chief executive, John Pollaers, used Friday’s relaunch of CUB to dismiss SABMiller’s recent bid for the beer business.
Pollaers described the SABMiller bid as ‘so far off the mark it wasn’t worth considering’ and said there was no sense in speculating on a potential takeover as the brewer prepares to step out as a new company.
He acknowledged that mistakes had been made but added that CUB was the sort of company that would always attract ‘noise’.
“There is not much that can be done regarding the bad decisions made in the past,” Pollaers said.
”My team and I remain very focused on unlocking the full potential of this business and not being distracted by the noise and speculation of the external environment.”
Pollaers said that CUB was a magnet for attention, given its portfolio of brands and market position.
“There has always been noise around this business and when I was working for a competitor I created some of that noise.
”Why wouldn’t anyone be interested in this business? It has a very strong leadership position, enviable brands, and fantastic infrastructure and support.”
Pollaers said the relaunch of CUB was the first step in moving the business forward and he was confident of the support from this executive team.
“Turning this business around in the toughest beer market Australia has ever seen – that’s hard. But it forces us to dig deeper. You get few opportunities in your career to turn around a business like this.”
“The team that we’ve got is a team that is looking to the future and not worrying about the past or the present. They are very focused on what they need to do.”