Business

THE NEWS WRAP: UK beverages company SABMiller launches hostile takeover bid of Foster’s

Emma Krieger /

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.

 

Overnight

 

The Dow Jones Industrial Average rose by 4.28 points to 11,410.21. The Australian dollar was up to 104.91 US cents.

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