Foster's extends bid for Southcorp

SYDNEY - Australian brewer Foster's Group Ltd today extended its bid for winemaker Southcorp Ltd by two weeks.

The offer will now close on April 14, 2005.

Foster's two-month old cash offer was scheduled to close on March 31.

Southcorp has urged shareholders to reject Foster's A$3.1 billion ($3.35 billion) bid, describing it as "inadequate and opportunistic".

Foster's bid currently stands at A$4.14 per share. Southcorp shares yesterday closed at A$4.20.

- AAP