On the same day Treasury Wine Estates starts trading independently on the ASX, Foster's Group Ltd (ASX:FGL) has announced that it has been notified the ATO will not appeal a court decision over a disputed tax assessment.
The assessment is relating to the financing of the Elders Finance Group in the 1980s and 1990s. Foster’s will now seek to recover $256.7 million that it had already paid to the commissioner as part of the investigation.
Yesterday, Foster's announced that the scheme of arrangement for the demerger of Treasury Wine Estates, that was approved by shareholders at the Scheme Meeting held on April 29, had become effective.
Australia's largest brewer booked a 12 per cent drop in half year net profit in February, falling to $312.7 million in the six months to 31 December 2010.
