UK: Scottish & Newcastle dismisses “unwelcome” Carlsberg, Heineken bid talk
The UK-based brewer said today (17 October) that, while it noted the announcement from Carlsberg and Heineken regarding the formation of a consortium to bid for S&N, it felt the proposed break-up is "unsolicited and unwelcome".
"S&N is confident in its future as an independent group with a combination of strong growth in emerging markets and cash generation in developed markets," S&N said in a statement to the London Stock Exchange.
"S&N strongly urges shareholders to take no action at this time. A further announcement will be made if appropriate."
Carlsberg and Heineken said earlier today that they were discussing the possibility of making an offer for S&N. "It is currently intended that Carlsberg will ultimately acquire Scottish & Newcastle's interest in (S&N's joint venture with Carlsberg) Baltic Beverages Holding, France and Greece and that Heineken will ultimately assume control of Scottish & Newcastle's business in the UK and other European markets," the brewers said.
The brewers noted, however, that no formal approach has yet been made to S&N. "There can be no certainty that an offer for Scottish & Newcastle will ultimately be forthcoming," Carlsberg and Heineken concluded.
A further announcement is expected "in due course".
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