Sydney, 8 July, 2008 – Coca-Cola Amatil has said it will not be making a bid for Foster's Group Ltd, according to local sources.
Terry Davis, Coca-Cola Amatil’s Chief Executive was reported as saying the number of operational issue connected to the Australian beer giant ruled out any bid at the moment.
"You can never say never, but at this price I can say we will not bid for Foster's," a source quoted Mr Davis as saying.
Foster’s has launched an overhaul of its operations after revealing it would writedown A$700 million following worse than expected performance in its wine segment.
The Coca-Cola Amatil chief reportedly said that while he liked the beer sector, he did not believe that beer and wine operations worked well together in the same business.