DENMARK: Carlsberg aims to stand firm on BBH
Jorgen Buhl Rasmussen told the Financial Times that the company was "quite relaxed" about the progress of the takeover bid which if successful would see Carlsberg take outright control of its 50/50 joint venture with S&N, Baltic Beverages Holding (BBH).
S&N has rejected a takeover approach by Carlsberg and Heineken, valuing S&N at 720p per share or GBP6.8bn (US$14bn). Rasmussen told the FT he was "unfazed" by the rejection.
Following the approach, S&N formally applied to the Arbitration Institute of the Stockholm Chamber of Commerce for a ruling on alleged breaches by Carlsberg of the shareholder agreement governing BBH. S&N is claiming that Carlsberg is now obliged to offer its shares to S&N at the same price represented by the joint bid.
However, Rasmussen said in the FT interview that Carlsberg was prepared to take a firm line on the BBH issue. "What is on top of our mind is to create value for shareholders," he said. "To do that, we will have to be, from time to time, firm."
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