UK: SABMiller and C&C stay mum on buyout rumours
Speaking to just-drinks today (13 September) both the UK brewer and the troubled Irish cider company would not be drawn on press speculation suggesting that SABMiller plans to bid for the Magners and Bulmers manufacturer.
The rumours stemmed from a second day of share growth for C&C Group after reports claimed that SABMiller might snap up the company.
A spokesperson for SABMiller told just-drinks: "We shall not comment on this." C&C also remained tight-lipped.
Last month, C&C reported that, for the six months to the end of August, it expects its operating margin to decline and for turnover to be flat compared to last year's results. The weak performance is down to a combination of issues, including hiked-up marketing and manufacturing costs for its Magners cider brand, poor weather in Ireland and the UK and the impact of competition, said the company.
C&C will provide guidance on its expectations for the second half and full year when it announces its interim results on 10 October.
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