P.M. BRIEFING : Fosters Chief Plans Bond Rescue

From Times Wire Services

A brewing industry rival of wealthy Australian businessman Alan Bond revealed today that he is putting together a rescue package for the troubled conglomerate that owns Wisconsin's G. Heileman Brewing Co. and the Pittsburgh Brewing Co.

John Elliott, chairman of Fosters Lager brewer Elders IXL Limited, said talks have been under way for several weeks and the package should be in place by the end of this month.

Elliott, whose company also runs a huge agribusiness, mining and finance group, refused to go into detail. Elders is Australia's third-largest company.

"I really can't comment on the nature of it other than I think it is very important that Alan Bond survives," Elliott said.

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