Australia | Nov 04 2010
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By Rudi Filapek-Vandyck
US-Canadian beer brewer Molson Coors Brewing Co.'s has used a conference call to announce it has begun selling the shares the company holds in Australia's Foster's Group ((FGL)).
According to Dow Jones news, Molson Coors first disclosed the Foster's swap, which gave it exposure to nearly 5% of Foster's common stock, in 2008.
As the suggestion is that the selling is happening on market, the decision might put some short term pressure on the Foster's share price. Foster's shares were trading at around $6.20 by late October, but they've fallen to around $5.80 in November.
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