Foster’s Group Ltd (ASX:FGL) has formally approved plans to split its beer and wine businesses, as it reveals a lower than expected first half profit.
Australia's largest brewer has booked a 12 per cent drop in half year net profit, falling to $312.1 million in the six months to 31 December 2010, weighed down by cool wet weather.
The company has also announced that it will proceed with its $11 billion demerger of Carlton and United Breweries and Treasury Wine Estates businesses.
The proposed demerger will be put to a shareholder vote at the end of April.
Foster’s has declared a fully franked interim dividend of 12 cents.
For the year ended 30 June 2010, Foster's Group reported a net loss of $463 million.
