Despite international reports that Foster’s Group Limited (ASX:FGL) and it’s recently detached wine arm, Treasury Wine Estates (ASX:TWE) are both being targeted for takeover by Chinese company Bright Food Group, the beer company’s CEO said the company can make it on its own.
Bloomberg reports claim Bright Food Group has both companies in its sights as international takeover targets, and that internal talks of a bid have taken place.
But Foster's CEO John Pollaers told the ABC's Inside Business program yesterday that there was no intention of de-merging the company to set it up for a takeover, and that Fosters will renew its focus on beer to stay ahead of the market.
Last month, Foster’s rejected a $9.5 billion takeover offer from SABMiller.
In the second half of last year, Foster’s reported a profit of $312.7 million.
