Fosters is an Australian symbol.
Fosters is almost as Australian as you can get, along with other stereotypical Aussie symbols such as the cork brimmed hat. But is Australia about to lose one of its symbols?
The Canadian-American beer maker Molson Coors has indicated its interest in a possible takeover bid for Fosters along with London-based SABMiller.
Fosters have struggled with an excess wine production in Australia that has led to a $464 million dollar loss. It seems that the company may be looking for a way out and a takeover provides the ideal escape route.
Bosses at Fosters have also taken the steps to demerger the disastrous wine division from the more successful beer division. It is the success of Fosters beers that are interesting potential buyers.
However even the beer sales are struggling to win back the popularity of once strong brands such as VB and their new labels like Pure Blonde haven’t done as well as predicted. Reasons for a fall in beer sales have been put down to a high Australian dollar, high interest rates and falling beer consumption.
Rival brewers always have an eye on each other and so the takeover bids from Molson and Miller come as no surprise, but how will Australians feel about their national beer being sold abroad? Could Fosters soon be giving up its Australian status? No deal is on the table yet but a high amount of interest is being shown in the brewery giant. You never know, Fosters may soon be brewed in Britain and exported to Australia! Strewth!
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