Carlsberg is examining all options following the Scottish & Newcastle deal, but has not yet made any decisions on European brewery closures.

Kasper Madsen, Carlsberg's supply chain director, was quoted in the Danish daily Berlingske Tidende this week as saying that no concrete decisions had yet been taken, but "we are naturally looking at how we can optimise our network of breweries in Europe in the future. One of the important questions is what the breweries in France and Greece imply for our overall structure."

Madsen rejected a British analyst's report that Carlsberg could close seven breweries over the next three years. Cazenove brewing industry analyst Matthew Webb has written that two breweries in Switzerland, two in Norway, two in Germany and one in Britain could close, bringing annual savings of around GBP40m (US$79.1m) - GBP50m.

As part of the S&N deal, Carlsberg on Friday launched a EUR12.4 per share bid for the remaining 25% of shares in Estonian brewery Saku that it does not already own as a result of taking over Russia's BBH.