Last month, SABMiller completed its acquisition of Foster's in Australia for $10.5 billion. On a pro forma basis, Foster's beer volume shrank 6% in the fiscal third quarter. Additionally in Australia, SABMiller acquired Coca-Cola Amatil's 50% interest in the group's Pacific Beverages joint venture, which includes the Peroni and Grolsch brands, for AUD 326 million. We expect SABMiller to leverage the Foster's and Pacific Beverages brands by slashing back-office costs, optimizing the combined supply chain, and introducing the Australian brands into additional international markets through its own distribution platform.

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