DENMARK: Carlsberg trashes "misguided" S&N BBH claims
Carlsberg has dismissed Scottish & Newcastle's claims over ownership of joint venture Baltic Beverages Holding as "misguided".
"It is now very clear that the claims are frivolous and have absolutely no merit," Carlsberg said this afternoon. "Pripps-Ringnes (Carlsberg's subsidiary which holds 50% of BBH) will now therefore shortly request the arbitration tribunal to dismiss Hartwall's (S&N's unit which holds the other 50% of BBH) case for being totally unfounded and to constitute a misuse of the arbitration process."
Carlsberg countered S&N's suggestion that it had breached the Shareholders Agreement between the two regarding BBH, claiming that S&N had not demonstrated the existence of any breach. "Furthermore," Carlsberg noted, "Hartwall has not terminated the shareholders agreement which is an undisputed fact. Today's repetition of previously reported claims alleging misuse of confidential information and breach of loyalty adds nothing new in that respect."
The Danish brewer then went on to question S&N's claim that it had circumvented the 'shotgun' clause in their agreement. "The shotgun gives Pripps-Ringnes and Hartwall the right to exit the BBH agreement if either party so wishes by offering its shares to the other party," Carlsberg said. "It is up to Pripps-Ringnes or Hartwall whether it exercises this right. Neither has done this and accordingly, the shotgun clause has no current application."
"We've seen nothing new of substance today," said Carlsberg's CEO and president, Jorgen Buhl Rasmussen. "S&N continues to progress with a case that has absolutely no merit instead of focusing on the certainty of the cash value of the consortium's proposal, which is the only deliverable means of maximising value for S&N's shareholders today."
The top ten most visited stories on just-drinks this week included news on V&S and A-B and cost pressures at Cott, whilst whisky dominated the spirits headlines....
UK Brewer and pub operator Greene King saw its like-for-like beer sales drop nearly 3% in the off trade, an indication of the current pressure on brewers....
The Coca-Cola Company is to submit a planning application for the building of a manufacturing and innovation facility in Wexford, Ireland....
Pernod Ricard shares have been downgraded to "sell" from "neutral" and the price target reduced to EUR55 from EUR72, according to market sources....
Carlsberg has increased its control of Estonian brewer Saku Ölletehas....
William Grant & Sons US has appointed Sam Simmons as the "first-ever" Balvenie brand ambassador....
Judge & Dolph, LLC president Rockwell Wirtz has closed a deal that creates the leading spirit, wine and malt beverage distributor in Illinois....
Fortune Brands has moved to revise its earnings expectations going forward, due to "weakening consumer sentiment" in the US and the hike in RTD taxes in Australia....
- Diageo Q4 & FY - Preview
- Is Diageo approaching its "Et tu, Brute" Moment?
- Has Diageo added Beer to its 'Non-Core' List?
- SABMiller, Carlsberg, Heineken: Poland's beer itch
- Diageo, Heineken and NBL in South Africa & Namibia
- NPD: Tomatin Contrast, Cù Bòcan
- Diageo, Heineken end South Africa, Namibia JV
- Diageo comm's director latest to leave
- Diageo hit by SEC investigation in US
- Pernod launches pomegranate whisky drink
- Global gin insights - market data, product innovation and consumer trends research
- Global rum insights - market forecasts, product innovation and consumer trends research
- Global Tequila insights - market forecasts, product innovation and consumer trends research
- Global liqueurs insights - market forecasts, product innovation and consumer trends research
- Global cachaca insights - market data, product innovation and consumer trends research