Fin24

SABMiller loses Corona licence in Australia

2012-03-09 11:37

London - Global brewer SABMiller [JSE:SAB] said its newly-acquired Foster’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 Foster’s licence following its acquisition by SABMiller in December last year.

That deal combined Foster’s with SABMiller’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 Foster’s takeover would be broadly unchanged.