Scottish & Newcastle has reiterated its reluctance to discuss a potential deal with Carlsberg and Heineken.

Speaking to just-drinks today (3 December), a spokesperson for S&N said that, in light of speculation suggesting growing unrest amongst some of S&N's shareholders, "there is nothing to negotiate" with Carlsberg and Heineken.

Reports in The Observer yesterday said that several institutional investors in S&N have already reduced their stakes, in fear that a takeover could fail to materialise if S&N does not engage in talks with the Dutch and Danish brewers.

"We do not attempt to comment on behalf of shareholders", the spokesperson said. "(However), at least two named shareholders in the past week, Legal & General and Scottish Widows, have said that they support calls for more transparency on BBH."

Carlsberg and Heineken, recently teamed up to form a consortium to buy S&N, a move that has been rebuffed twice in the past month by the UK-brewer. Carlsberg is hoping to take full control of Baltic Beverages Holding, which it jointly owns with S&N.

Legal & General currently holds a 4.5% stake in S&N, while Scottish Widows holds 4.3%.