THE NEWS WRAP: UK beverages company SABMiller launches hostile takeover bid of Foster’s
Wednesday, August 17, 2011/
UK beverages company SABMiller has launched a hostile takeover bid of Foster’s, offering $9.5 billion directly to the brewers’ shareholders.
SAB’s move, which prices shares at $4.90 each, follow’s Foster’s decision to turn down the same amount two months ago.
Last month, Foster’s CEO John Pollaers said that the offer was “so far away from reality it just wasn’t worth engaging”.
Solar firm shuts down
Silex Solar, the only Australian company to make solar cells, is to close down its operation, with unions blaming the NSW Government for the move.
Silex, which will shed 30 jobs, will continue to make solar panels from imported components. The Australian Manufacturing Workers Union said the NSW Government’s decision to cut the Solar Bonus Scheme was a major factor, warning that other businesses in the clean tech sector could also be damaged.
Academic questions RBA board make-up
The Reserve Bank of Australia shouldn’t have a majority of business leaders on its board, according to a leading academic.
Warwick McKibbin, who is departing the RBA’s board, said that non-mining businesses were being hurt by the 4.75% interest rate and the strong dollar and that business leaders may not be tough enough on inflation.
The Dow Jones Industrial Average rose by 4.28 points to 11,410.21. The Australian dollar was up to 104.91 US cents.
Be honest about your situation: How vulnerability helps businesses thrive Sue Parker DARE Group founder
Own it: The 10 things you need to do to manage your personal brand Lisa Stephenson Who Am I Projects founder
Six invaluable lessons: What 20 years in aged care taught me about being an entrepreneur Natasha Chadwick NewDirection Care founder
An entrepreneurial superpower: Eight tips to help develop resilience Adala Bolto ZADI Training co-founder
Going through a lull? Five areas you should invest in when sales drop Tamara Alaveras and Sonia Majkic 3 Phase Marketing co-founders
Stop telling us how busy you are, it's boring and charmless Ian Whitworth Scene Change co-founder
Blandification™ and the state of modern branding Jeffrey Oley The Offices co-founder
Why you should find the right role for the right person — not the other way around Bruce Stronge Outfit founder