UK: Citigroup raises Heineken rating
Investment bank Citigroup has raised its rating of Heineken NV to 'buy' from 'hold'.
The bank's analysts also increased their target on the brewer to EUR52 from EUR49.
This month, Scottish & Newcastle rejected a bid put forward jointly by Carlsberg and Heineken to acquire the UK brewer for 720p a share.
In a note, Citigroup said that it felt that a counter bid was unlikely given Carlsberg's blocking stake in the S&N joint venture Baltic Beverages Holdings (BBH). Carlsberg and S&N hold 50% of BBH each.
Citigroup instead believes that Heineken and Carlsberg will increase their offer, with a deal between 750-850p likely.
The top ten most visited stories on just-drinks this week:...
PepsiCo has posted a lift in sales and profits for its first quarter, despite a softening of volumes in North America....
Fortune Brands has posted sliding sales and operating income for its first quarter, as the poor economic climate in the US hit home product sales....
Scottish & Newcastle is set to cease to exist at the end of this week....
Kronenbourg has said that it is looking to re-conquer the ailing French beer market by increasing its share in the country's HORECA sector....
Bottled water has increased markedly in popularity across Europe due to consumers being more health conscious, according to an industry analysis....
InBev has confirmed that it is to up its presence in India, with the securing of a brewing deal in the south-western state of Karnataka....
Carlsberg has succeeded in gaining an increased holding in Vietnamese brewer Hanoi Beer Alcohol and Beverage Co (Habeco)....
- Comment - 'Craft' and the Danger of 'Romance Copy'
- Is A-B InBev/SABMiller 'Mega-Merger' Off?
- Diageo's Labels Give Industry Something to Digest
- Pernod takes positives from China Cognac bounce
- Sustainability: What Craft Teaches Multi-Nationals
- Craft is an 'abused' term - Pernod Ricard exec
- SPI Group 'disappointed' over Stolichnaya ruling
- Kraft Foods agrees Heinz merger
- Anheuser-Busch InBev lines up new chairman
- Chilli targets beer with Rekorderlig Dry Apple
- Global rum insights - market forecasts, product innovation and consumer trends research
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends research
- ALDI 2015: Radically transforming Anglo Saxon grocery markets
- Champagne: Less Than Bubbly
- Beer Market Insights Africa 2014