SABMiller loses Corona licence in Australia
Fin24 - Mar 12th 2012, 07:56
London - Global brewer SABMiller [JSE:SAB] said its newly-acquired Fosterâ€™s business has lost a licence to import and distribute Corona Extra lager in Australia.
Mexican brewer Grupo Modelo, which makes Corona, told SABMiller it was terminating Fosterâ€™s licence following its acquisition by SABMiller in December last year.
That deal combined Fosterâ€™s with SABMillerâ€™s premium lager brands in Australia, including Peroni, Miller Genuine Draft and Grolsh.
Around 600 000 hectolitres of Corona Extra were sold in Australia in 2011, compared with the overall lager market of 18 million hectolitres.
SABMillier said in a statement on Friday that its expected financial returns from the Fosterâ€™s takeover would be broadly unchanged.
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