Nutt pick SABMiller approved to buy Foster’s

The £6.5 billion deal for SABMiller to take over brewer Foster’s can go ahead after winning approval from an Australian state court.

Anthony Nutt
Anthony Nutt

SABMiller, a top-ten holding of Anthony Nutt’s Jupiter Income and Jonathan Asante’s First State Global Emerging Markets Leaders funds, will now buy Foster’s later this month.

The Supreme Court of Victoria approved the deal today after it was passed by Foster’s Group shareholders yesterday. The Australian government gave its consent last weekend on the condition that Foster’s management and brewing facilities remain in the country.

SABMiller accounts for 3.2% of Nutt’s £2.2 billion Jupiter Income fund and 3.1% of Asante’s £2 billion First State Global Emerging Markets Leaders fund. The company’s shares rose in London after the acquisition was approved.

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