Analysis - Scottish & Newcastle's case for BBH

This week is proving an eventful one in the battle for control of Scottish & Newcastle (S&N), with the UK brewer today making its official submission to the Arbitration Institute of the Stockholm Chamber of Commerce, which will consider if Carlsberg's involvement in the bid breaches its Shareholder Agreement with S&N governing its joint venture, Baltic Beverages Holding (BBH). Meanwhile, pressure is mounting on the consortium to increase its GBP7.50 per share offer, and an improved bid could be