Foster's says can't explain surge in share price

SYDNEY: Foster's Group, Australia's biggest beer and winemaker, said it can't explain a surge in its share price that sent the stock to a record on Thursday.

"Aside from information already publicly released, the company is not aware of any other explanation," Foster's said in a statement to the Australian Stock Exchange on Friday. The company is also the world's second-largest winemaker.

Foster's shares rose to record high on speculation the company may become a takeover target of funds or overseas beer makers. Inbev, the maker of Beck's beer, is currently considering a bid, the Herald Sun newspaper reported.

The shares have gained 26 percent since Aug. 29, when the Sydney Morning Herald reported that SABMiller, the London- based maker of Miller Lite, and Leuven, Belgium-based InBev were planning bids.