SYDNEY - Australian drinks group Coca-Cola Amatil Ltd (ASX: CCL.ax) is not interested in Foster's Group Ltd's FGL.AX beer business, the Australian Financial Review said on Wednesday, ending speculation of a joint bid with SAB Miller plc SAB.L.
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"At today's share price (Foster's) doesn't represent value to us and i'm not interested," Coca-Cola Amatil's (CCA) chief executive Terry Davis told the paper in an interview.
Analysts estimate Foster's beer operations could be worth in excess of A$10 billion ($9.5 billion).
"If something changes in that dynamic in six months or twelve months, obviously we'll look at it on its merits at the time," Davis added, but said CCA intended to pursue its organic growth strategy.
Davis also ruled himself out as a possible replacement for Foster's outgoing CEO Trevor O'Hoy, saying he planned to stay with CCA at least until his contract expired in November 2010.
CCA is interested in Cadbury Schweppes' Australian drinks business, which is expected to be put up for sale later this year, the paper said, and has retained Macquarie Group MQG.AX as its adviser.
Although focused in soft drinks, CCA already has an interest in the Australian beer market through its Pacific Beverages joint venture with British-listed brewer SABMiller.
Davis also told the paper he was confident CCA would meet its forecasts for high single-digit profit growth for the six months to June, despite rising input costs. ($1=A$1.05) (Reporting by James Thornhill)
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