How it started
History
Foster's was founded in Melbourne in 1888 by two American brothers William and Ralph Foster of New York, United States, who happened to own a refrigeration plant. Cooling was necessary to brew and store acceptable lagers in Australia's hot climate, unlike the English-style dark ales commonly brewed at the time. They sold the brewery the following year and returned to the United States.
In 1983 Elders IXL, a giant Australian diversified conglomerate, purchased Carlton and United Breweries, and renamed it Elders Brewing Group. Then in 1990, the Elders Brewing Group changed its name to the Foster's Group, to reflect the name of their most internationally recognised product.
In 2005, Foster's Group acquired the Australian wine-making group Southcorp Wines. This acquisition added famous brands such as Penfolds, Lindemans and Rosemount to the Foster's stable and around A$1 billion to revenues.
In May 2011, Foster's Group's Treasury Wine Estates unit was spun off into a separate company. The first day of trading saw its share price soaring, valuing the separate entity at A$2.2 billion.
There had long been speculation that the beer sector or all of Foster's Group would be subject to a takeover by a larger firm. Groups to express such an interest over the years have included Diageo, the British-South African company SABMiller, Molson Coors and Heineken International. Foster's Group was renamed Carlton & United Breweries (CUB), and its wine business split into a separate company, Treasury Wine Estates, in May 2011. CUB was sold to SABMiller in September 2011, valued at A$9.9bn (US$10.2bn; £6.5bn). Foster's Group Limited shares (ASX code: FGL) were suspended from trading on the ASX on 2 December 2011 and delisted from the ASX at close of trading on 20 December 2011.
From Wikipedia’s article on Foster's Group Limited, shared under CC BY-SA 4.0.2