LONDON—Iconic Australian brewer Foster's Group Ltd. dropped its resistance to a takeover by SABMiller PLC and agreed to a sale to its U.K. rival for more than $10 billion.
The deal values Foster's at 5.10 Australian dollars a share, or A$9.9 billion (US$10.17 billion), 4% above what SABMiller offered when it kicked off its pursuit of the company in June.
SABMiller's original offer came just a month after Foster's completed the separation of its beer and wine operations. Although many industry watchers expected the demerger to lead to multiple bids for Foster's…
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