UPDATE 1-Foster's CFO resigns, takes over as Asciano CFO

MELBOURNE, Sept 2 (Reuters) - Foster's Group announced the resignation of a top executive, just as Australia's biggest brewer is demerging its wine and beer operations and with competitors said to be circling its beer unit.

Chief Financial Officer Angus McKay resigned after more than two-and-a-half years in the position, Foster's said on Thursday, although fund managers played down the prospect of his departure interrupting the group's plans.

McKay, who has been CFO since January 2008 after starting with the maker of Foster's Lager, Pure Blonde and Victoria Bitter six years ago, will depart later this year to take over as CFO at ports and rail operator Asciano Group.

Foster's Carlton & United Breweries beer operation is due to be listed separately from the wine unit in the first half of 2011, igniting takeover talk in the brewing world.

'He's obviously been head hunted by Asciano and decided to take that role. I don't really think that has an impact, it's something Foster's will digest. They will replace him and we'll see an appointment shortly,' said Angus Gluskie, portfolio manager at White Funds Management.

Beverage giants SABMiller and Japan's Asahi Breweries are eyeing Foster's beer business but have not yet made any formal offers, sources told Reuters last week .

Foster's share price has gained 19 percent since it announced demerger plans in May. The stock was was flat at A$6.11 at 0320 GMT, A$1 off its year low.

Gluskie said potential buyers may view the beer business as expensive right now.

'It looks kind of pricey compared to some valuation metrics and that suggests to us there may be limited interest in others seriously interested in it. There are buyers for these assets but only at the right price and the way the Foster's share price is trading, it looks pretty pricey,' Gluskie said.

Still, lending conditions could favour a bid from offshore as world interest rates wallow at historical lows.

'The wild card here is that the cost of capital overseas, for example for a Japanese brewer, is particularly low given the low interest rates they can access.

'So an overseas buyer may be able to look at the beer business and make it stack up at these kind of prices, or even higher prices. They've been showing some appetite to date so there's the potential there. But it's not a given and the minute you take that possibility out of play, then Foster's looks reasonably fully valued,' Gluskie said.

(Reporting by Miranda Maxwell; Editing by Ed Davies)

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