SABMiller wins support to buy Foster’s for $10.1 billion

SABMiller of London said Wednesday that it had won the support of the board of Foster’s Group for its takeover of the Australian brewer after increasing its offer to $10.1 billion.

The deal, subject to approval by shareholders and regulators, would bring Australia’s biggest brewer within the portfolio of the world’s second-largest brewer by volume.

SABMiller said its offer had unanimous backing from Foster’s board.

SABMiller’s brands include Grolsch, Peroni and Miller Lite, and it already has rights to the Foster’s brand in India and the United States.

Foster’s owns seven of the top 10 beer brands in Australia.

The purchase would be the biggest ever by SABMiller and would give it access to about half the Australian beer market. SABMiller’s initial attempts to buy the maker of Victoria Bitter were rebuffed by Foster’s management as undervaluing the brewer, one of the world’s most profitable.

The acquisition would also be the biggest takeover of a brewer since InBev of Belgium acquired Anheuser-Busch Cos. for $52 billion in 2008.