COMMENT: S&N - fewer pubs, more beer
S&N has long wanted to be a major international brewer. Adding Strongbow maker HP Bulmer to its portfolio won't harm this effort; nor will taking full control of Portuguese brewer SCC. However, these deals will barely dent the GBP2.1 billion pub windfall. S&N may want to use the rest of the cash to take control of its other international joint ventures.
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