Lion Nathan and Foster's Group together control 95% of the Australian beer market.

Lion Nathan says there is no need for change.

Excluding the write-down, Lion Nathan's profit rose 7 percent.

Lion Nathan will pay up to $300 million (Australian).

Lion Nathan, a New Zealand brewer, said it may leave altogether.

Emu is a beer label owned by Lion Nathan.

The original agreement with Lion Nathan was disclosed on September 19 and has subsequently been postponed five times.

From 1995 to 2005, the third tier rights of purchase were to Lion Nathan.

If the Fund chooses not to buy, the shares must then be offered to Lion Nathan.

Foster's largest rival, Lion Nathan, is also expanding into wine.