Asahi was likely to wait until Foster's, which already distributes Asahi beer, completes a review of its operations, expected in February, the paper said. The review may recommend a demerger of the wine and beer businesses.

If the beer business was spun off, Asahi is believed to be considering a partnership beyond the distribution contract, the article said, without giving a source.

On Wednesday, British confectionery maker Cadbury Plc agreed to sell its Australian beverage business to Asahi for 550 million pounds (S$1.17 billion). -- REUTERS