Termination of Corona Extra licence in Australia
SABMiller's Australian subsidiary, Foster's Group Ltd ("Foster's"), has been informed by Grupo Modelo S.A.B de C.V. that it intends to exercise a change of control provision terminating Foster's licence to import and distribute Corona Extra in Australia with immediate effect.
The move follows SABMiller's acquisition of Foster's in December 2011, through which Foster's gained access to SABMiller's premium brand portfolio in Australia, including Peroni Nastro Azzurro, Peroni Legerra, Miller Genuine Draft, Grolsch Premium Lager, Bluetongue and Pilsner Urquell.
Sales volumes of Corona Extra in the calendar year 2011 were approximately 600,000 hectolitres in a total Australian market of some 18 million hectolitres.
SABMiller's expected financial returns from the acquisition of Foster's will remain broadly unchanged following this termination.