MELBOURNE: Foster’s Group Ltd, Australia’s best-known beer maker, said yesterday it would buy back up to 40 million of its shares on the open market over the next year in the first step towards spending its surplus capital.
The decision came after holders of US$357mil worth of the company’s US$400mil in exchangeable bonds chose to convert them into 125 million ordinary shares. Foster’s had been waiting to see how many bonds were converted before deciding how to spend up to A$1.42bil in gross proceeds it is set to raise from the spin-off of its Australian Leisure & Hospitality pubs, liquor stores and gaming business in November. – Reuters
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