Carlsberg-Heineken agree cash bid for S&N
Carlsberg and Heineken have agreed on a ?7.8bn cash bid to buy and break up S &N
Carlsberg and Heineken finally agreed on a cash bid of 800p a share on Friday
to buy and break up
Scottish and
Newcastle (S&N), valuing the brewer at ?7.8bn.
The purchase is expected to boost the Danish brewer’s position in Russia and
the Dutch group’s presence in western Europe.
After a three-month takeover saga, S&N and
Carlsberg
have agreed to release projected information on their 50-50 Russia-based joint
venture Baltic Beverages Holding (BBH) for 2008 to 2010, which has been a
sticking point in the takeover fight,
Reuters
reports.
‘In a single step we have created the world’s fastest-growing global brewer.
We now have full control of our destiny in Russia and other BBH territories,’
Jorgen Buhl Rasmussen, Carlsberg chief executive, said.
Heineken will take over S&N’s British business, which includes Strongbow
cider and John Smith’s beer in addition to its operations in other European
markets such as Belgium, Portugal and Ireland, plus its US and India businesses.
Further reading:
Brewer’s planning process gains extra clarity