FOSTER’S TO CUT PRODUCT LINES

Foster’s Group is reportedly trying to cut its product lines by up to 20% to help restore the company and prevent any possible takeover bids, according to the Australian Financial Review. The wine portfolio is expected to be the main target of any product line cuts.

"I would be disappointed if we didn't get it down by at least 10%," Jamie Odell, Foster's Managing Director Australia, Asia and Pacific was quoted as saying, adding that a move towards 20% would be even better.

Odell says he expects the business review to be finished by Christmas.