Heineken, Carlsberg raise bid for S&N
Published:  15 November, 2007

Heineken and Carlsberg improved their bid to buy rival UK brewer Scottish & Newcastle to more than £7bn on Thursday morning.

Their new offer represents an increase of 30 pence per share, valuing Scottish & Newcastle (S&N) at £7.3bn.

The move puts the ball back in S&N’s court in what has developed into a tense stand-off between the UK brewer and its would-be suitors.

Heineken’s chief executive Jean-Francois van Boxmeer, said the improved bid “represents a very attractive opportunity for S&N shareholders to obtain a price which is materially higher than the standalone value of the group”.

S&N’s board is unlikely to back down immediately, however. It has filed for arbitration proceedings against Carlsberg, accusing the group of breaking conditions in the two brewers’ successful joint venture in Eastern Europe, Baltic Beverages Holding (BBH).

Under the terms of the bid, Heineken would take S&N’s business in the UK, including John Smiths, Kronenbourg 1664 and Foster’s brands. Carlsberg would take the BBH venture and S&N’s operations in France.

S&N is due to release a trading statement next week, which is expected to echo reports from other brewers of a tough summer for beer in the UK. The group referred to “challenging conditions” in Western Europe in a release last week.

Another brewer, SABMiller, is understood to have been considering intervening in the takeover battle. The brewer reiterated its desire to increase presence in emerging beer markets, like Eastern Europe, in its first half results on Thursday morning. But it made no reference to S&N.

Site Search


Lifting the spirits

I were to sum up alcohol sales over Christmas 2017 in one word, it would be “gin”. At Nielsen, we define the Christmas period as the 12 weeks to December 30 and in that time gin sales were £199.4 million, which means they increased by £55.4 million compared with Christmas 2016. There’s no sign the bubble is about to burst either. Growth at Christmas 2016 was £22.4 million, so gin has increased its value growth nearly two-and-a-half times in a year. The spirit added more value to
total a

Click for more »
Upcoming events


Is blended Scotch overshadowed by single malt in retailers?

  • Yes
  • No
  • Don't know