Grand Met to Sell Most of Its Breweries
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LONDON — Grand Metropolitan PLC, a British food-and-drink concern, confirmed Tuesday that it was selling most of its breweries to Elders IXL Ltd. of Australia and that the two companies would jointly operate about 5,000 pubs.
The deal will make Elders Britain’s second-largest brewer, after Bass PLC.
Elders, the world’s fourth-largest brewer and best known for its Fosters beer brand, disclosed Friday that it had reached an “understanding” with Grand Met and that an announcement was due shortly.
The company also had announced that it was selling or spinning off its agribusiness, finance, natural resources and other interests to focus on brewing.
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