demerger

SABMiller is not acquiring Foster's (ASX:FGL) anytime soon as Foster's chief executive John Pollaers said the company is focusing on business improvement, not takeover bids.

This second rejection comes after the brewer shot down a $9.5 billion unsolicited but highly anticipated offer from SABMiller last month, saying the bid grossly undervalued Foster's.

Yesterday’s demerger of Tabcorp Holdings' (ASX:TAH) casinos division will attract more prospects for a takeover, said chairman John Story. Shareholders overwhelmingly voted for the casino side to be split into separately listed group Echo Entertainment.

Tabcorp Holdings' (ASX:TAH) spin off Echo entertainment will seek revenue through the refurbishment of three Queensland casinos and a $1 billion upgrade of Star City in Sydney. As speculations went ahead of the $5.2 billion demerger of Tabcorp and Echo, chairman John Story says that the upgrade of Star City was achieved without interfering with revenue.

The Supreme Court of Victoria has green lighted drinks giant Foster's (ASX:FGL) plan to split its beer and Treasury Wine Estates businesses into two separate arms. After nearly a year of negotiations, Foster's shareholders voted to approve the demerger at a meeting held on April 29.

Orica (ORI) shareholders will vote on the demerger of DuluxGroup this morning. The stock holders are expected to vote in favour of spinning off the paint business on 8 July 2010. They will be allocated shares in DuluxGroup on a one-for-one basis. Dulux Group is likely to list on the Australian stock market this Monday, 12 July if the demerger goes ahead.

CSR has been allowed to have their shareholders vote on the company's bid on splitting up and demerging the company's sugar business. The full bench of the Federal court, The Chief Justice, Patrick Keane, and Justices Ray Finkelstein and Peter Jacobson, upheld CSR's appeal. CSR's demerger proposal can now be put to the shareholders for a vote.