Foster's Group shareholders approve SABMiller's US$10.1B takeover bid; deal now needs approval from state Supreme Court in Victoria, Australia

Nevin Barich

SYDNEY , December 1, 2011 (Associated Press) – Foster's shareholders have approved brewing giant SABMiller's $10.1 billion takeover bid for the Australian company.

Foster's says more than 99 percent of shareholder votes cast at a meeting in Melbourne on Thursday supported the deal.

Australia's competition regulator has already approved London-based SABMiller's bid. The takeover now needs to win the approval of the Victoria state Supreme Court before it can go ahead.

Foster's chairman David Crawford said though the ownership of Foster's is changing, its beer and brands will still be produced in Australia.

Foster's owns seven of the top 10 beer brands in Australia. SABMiller's brands include Grolsch, Peroni and Miller Lite.

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