UK: Carlsberg, Heineken set to get Scottish & Newcastle

25 January 2008 | Source: just-drinks.com editorial team

The sale of Scottish & Newcastle to Carlsberg and Heineken has begun.

The two European brewers have confirmed this morning (25 January) that the board of S&N has agreed to recommend a cash offer of GBP8.00 per share for the UK company.

The offer, through newly-formed joint venture Sunrise Acquisitions, will see Carlsberg take full ownership of Eastern European joint venture Baltic Beverages Holding, as well as S&N's French, Greek, Chinese and Vietnamese operations. Heineken will own S&N's operations in the UK and Ireland, Portuguese, Finnish, Belgian, US and Indian operations.

The transaction values S&N at around GBP7.8bn (US$15.2bn).

As S&N demanded last week, Carlsberg has agreed to publish projected information for their BBH joint venture for 2008-2010.

The S&N board has agreed to recommend the offer at a to-be-announced EGM. "This undertaking will remain binding in the event of a competing offer being made for S&N," the consortium said.