Global brewers InBev and SABMiller have declined to comment on reports linking them to a possible takeover of the Foster's business in Australia.
The Sydney Morning Herald reported that both companies had been looking over Australia's biggest beer and wine producer, although it is not thought a bid is imminent.
Foster's has been slimming down its overseas operations. Earlier this year, it sold the European rights to its flagship lager brand to Scottish & Newcaste, and has followed this up with similar deals with SABMiller in India, and Asia Pacific Breweries in Vietnam.
The takeover speculation emerged as Foster's reported an increase in net operating profits to A$623m in the year to June 30, up from A$540m year ago.