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Foster's Brewing reports pretax profit.

Foster's Brewing Group Ltd. said it has made a pretax profit of about (Australian) $50 million from the sale of part of its stake in the Molson Breweries joint venture in Canada.

Foster's said in statement that it closed its sale of a 10 percent stake in the Canadian joint venture with Miller Brewing Co. for (A)$192 million.

Under the agreement between Foster's and Miller, the U.S. company will buy 20 percent of Molson Breweries, which was equally owned by Foster's and Molson Cos.

Miller also agreed to buy the U.S. import operations of Molson Breweries and U.S. marketing and distribution rights for Molson and Foster's brands.
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Title Annotation:Foster's Brewing Group Ltd.
Publication:Modern Brewery Age
Date:Apr 12, 1993
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