By Marcus Leach

Brewing giants SABMiller have had a $10 billion (£6.2 billion) bid for Foster's Group turned down.

Australia's biggest brewer has turned the offer down on the basis that they believe it to be too low.

The rejected bid prompted a rise in Foster's shares, whilst SABMiller have confirmed they will continue to work on an improved bid.

"The board of Foster's believes that the proposal significantly undervalues the company in the context of a change of control and, as such, it does not intend to take any further action in relation to it," Foster's said in a statement.

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