Business

THE NEWS WRAP: Foster’s accepts $12.3bn SAB Miller offer

Emma Krieger /

Brewing group Foster’s has finally accepted a $12.3 billion bid from SAB Miller following a high-profile struggle for the business.

 

The deal is a 13% increase on the original offer by the South African company and represents a $5.53 a share offer for shareholders.

 

SAB Miller has pursued Foster’s publicly for four months, with the Australian company’s board previously rejecting offers for “undervaluing” the business.

 

Tinkler named Australia’s richest young person

 

Mining magnate Nathan Tinkler has been crowned Australia’s richest person under the age of 40, with an estimated fortune of $1.13 billion.

 

Tinkler, who also owns the Newcastle Knights rugby league team, is the first billionaire to top BRW magazine’s young rich list.

 

Hedge fund manager Greg Coffey was placed second with a $743 million fortune, while investor Steve Kalmin came in third with $458 million.

 

Facebook revenue set to hit $US4.27bn

 

The global revenue of social media behemoth Facebook is set to hit $US4.27 billion this year.

 

Research firm eMarketer said that the company will make $US3.8 billion in advertising revenue this year, with its Facebook Credits system bringing in $US470 million.

 

Overnight

 

The Dow Jones Industrial Average was down 283.82 points to 11,124.84. The Australian dollar edged up to 102.81 US cents.

 

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