Carlsberg, Heineken fire latest shot in S&N bid
Published:  21 November, 2007

Carlsberg and Heineken have described S&N's latest trading results as "disappointing" as they continue to pursue their bid for the company.

S&N reported "good progress" in most of its core markets, but said it had been challenged by underlying market weakness in some Western European markets.

The Danish and Dutch brewers, who have formed a consortium to take over the Scottish brewer, hope to persuade S&N's shareholders to "encourage their board to engage with the consortium".

The latest bid – 750p a share - significantly undervalues the company, according to S&N's board.

S&N believes the bid is a tactic by Carlsberg to gain control of Baltic Beverages Holdings, in which S&N and Carlsberg share a majority stake. It has called arbitration proceedings, as it believes Carlsberg has broken the terms of a shareholders agreement and must therefore offer up its stake for S&N to buy.

Carlsberg said "there is no merit to the BBH arbitration case".




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Richard Hemming MW: beware inverse snobbery

Few things can bring communal pleasure so intimately as wine. Apart from a hot tub, perhaps. Sport can trigger mass jubilation, film gives us shared empathy, but wine has a nigh-unique ability to bestow conviviality among us through a shared bottle – which makes it especially galling that we spend so much time divided over it.

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