Foster's has delayed the review of its wine operations into next year, fuelling speculation that it could be preparing for a takeover approach or at least the divestment of its underperforming Australian and US wine businesses.

The company's chairman, David Crawford, hinted yesterday that Foster's could be holding out for some takeover suitors to emerge by partly blaming the delay in the review on the turmoil in credit markets.

"I want to assure you that after over a decade of investment - and given significant uncertainty in global financial markets - your board is taking the appropriate time, care and consideration in agreeing the future strategy and structure of our substantial wine assets," Mr Crawford told shareholders at Foster's annual meeting in Melbourne. Foster's said it expected to announce the outcome of the review in time for its half-year results in February.

The wine review was instigated in June after the resignation of Foster's chief executive, Trevor O'Hoy. At the time, Mr Crawford made the first admission that Foster's costly foray into the wine industry had been a disaster.

Foster's new chief executive, Ian Johnston, said yesterday that despite the review, the group "was not hesitating to make the immediate business decisions necessary to drive business growth".

Foster's wrote down the value of its wine business by $730 million as a consequence.

The delay in the wine review comes amid renewed speculation Foster's could be the target of several foreign suitors, including InBev from Belgium, SABMiller, which is listed in Britain, and even Coca-Cola Amatil from Australia. It is believed some foreign beverage companies are keen to buy the beer business without being saddled with its badly performing wine businesses.

An article in the US business journal Barron's at the weekend suggested Texas Pacific Group could have an interest in buying and then breaking up Foster's.

Mr Crawford said it would not surprise him if some people had run the ruler over his company. He doubted whether there was "a merchant banker in Christendom that hasn't either individually or collectively looked at" structuring a takeover bid or break-up of Foster's.

But he said the Foster's board was yet to receive an approach. The company remained unaware of the mystery buyer behind a 5.26 per cent stake in Foster's scooped up by Deutsche Bank last month.

Given the holder of the stake owns 4.94 per cent in direct shares with the rest held as a "derivative interest", they are not obliged to reveal their identity.

When one shareholder at the meeting raised his concern about a foreign takeover, Mr Crawford responded: "Our role is to maximise the benefits for shareholders, which requires us by law to explore all options and possibilities."