Scottish & Newcastle has refused to rule out reports it is considering funding a solo bid for Carlsberg's stake in Baltic Beverages Holding, the Eastern European joint venture between the two brewers.

Speaking to just-drinks today (29 October) about the possibility of such a move, a spokesperson for S&N said: "All options remain open to the company."

The comments follow hostile efforts by Carlsberg and Heineken to takeover and break-up S&N.

The UK-based brewer also declined to comment over recent press speculation suggesting that it would also borrow against the future cashflow of BBH.

Last week, S&N claimed that it is now in a position to take full control of BBH, despite Carlsberg stating that a letter it has received from S&N alleging breaches of the shareholders agreement which governs BBH, has "no merit". S&N, however, believes that Carlsberg is now "obliged to offer its shares in BBH to S&N".

The brewer recently received - and rejected - what it called "a highly conditional proposal" from the Carlsberg and Heineken, to make a cash offer for S&N at 720 pence per share. The offer values S&N in the region of GBP6.8bn (US$13.8bn).