Foster's Group had expressed high hopes that the takeover of SABMiller of its company will mean Australian beers getting the exposure it deserved from beer aficionados around the world.

The Australian beer giant accepted on Wednesday an improved takeover package worth from $10.1 billion from British-based brewer SABMiller.

Foster's chief executive John Pollaers is positive the takeover has its benefits in the long run for all Australian beers. The takeover provides an opportunity for Foster's to enter the international market as it gets to be placed side by side with other global brands.

Foster's owns seven of the top 10 beer brands in Australia, including Corona and Foster's, while SABMiller has Grolsch and Miller Lite.

Meanwhile SABMiller said it expects the takeover completed before the end of 2011 after Foster's shareholders approve the movement. It's acquisition of the Australian company reflects its goals of expanding to the international markets, noting Australia in particular has a stable, rich and growing economy and profitable beer market.

"Foster's will become an important part of our business, and through the application of our commercial capabilities and global scale, we expect to build on the initiatives that Foster's management has put in place," said SABMiller Chief Executive Graham Mackay in a statement.

Foster's reported beer sales fell 6 percent last year to the amount of AU$89 million.

SABMiller, on the other hand, reported in May that 2010-11 annual net profits grew a quarter to US$2.4 billion largely due on increasing demand in developing markets.

SABMiller operates in 75 countries and it is a major bottler of Coca-Cola.