Foster's Scraps Plans to Sell All of Wine Unit, Review Says

 Foster's Group Ltd. scrapped plans to sell its A$4.5 billion ($3 billion) wine business for cash as the price would have been too low, the Australian Financial Review newspaper reported, without saying where it got the information.

The board may have shelved any prospect of a cash sale because of poor economic conditions and a shortage of likely buyers, the newspaper said. Foster's may instead spin off the wine unit to shareholders or sell some of the subsidiary's assets, the Review said.