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Brewer knocks back takeover bid

Australian brewer Foster's has rejected a takeover approach worth £6.2bn from Grolsch owner SABMiller.

The Melbourne-based company told SAB that its conditional proposal significantly undervalued the business. SABMiller is the world's second-biggest brewer by volume and has global brands including Pilsner Urquell, Peroni Nastro Azzurro and Miller Genuine Draft.