It's expected that Foster's will announce shareholder approval of its demerger plan on February 15. After Foster's completes the demerger (likely around late April or May), it will operate as a standalone beer unit (Carlton United Breweries) and wine unit (Treasury Wine Estates). But it may not stay that way for long. Reports surfaced this week that SABMiller is close to making a bid for Foster's beer business. While some have discounted the likelihood of this report, there is no denying that separating the two units will certainly make them more vulnerable as buyout targets. And so far CUB has been named the most likely target. If that is indeed the case, where does that leave Treasury?