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)....
- Interview - Bernstein analyst Trevor Stirling
- Is Irish whiskey ready to recognise its potential?
- The European beer market - Focus
- Cannabis – A clear and present danger to alcohol
- Trump, local spirits and the IR role - The Analyst
- Diageo appoints first programmatic marketing head
- Diageo strike threat postponed with fresh vote
- Remy snaps up Seattle's Westland Distillery
- Diageo reaches deal in Stitzel legal row
- Sazerac poaches ex-Diageo government director