Summary
SCOTTISH;Newcastle is plotting a Pounds 5 billion-plus preemptive strike for BBH, the booming Russian brewer it owns jointly with Carlsberg. This follows the Danish company's move last week to join forces with Heineken to mount a bid for SN, Britain's number one brewer. Though SN is attempting to win shareholder support to retain its independence, sources close to the company suggest the board may consider an offer of about 900p a share, well ahead of the Carlsberg/ Heineken consortium's expected opening shot. The British brewer is now looking at bringing in a strategic partner to help fund a bid for BBH. One executive close to SN said: 'One way or another investor attention will now focus on the value of BBH putting SN's assets in the shop window.' SN is confident BBH's 38 per cent market share in Russia;its record growth rate across the region will mean interest will be strong. 'There is no doubt that we have options,' said one SN insider. 'We can make sure we are either winners of the BBH joint venture or that our shareholders get the top price for the business. Either way, the relationship with Carlsberg is over.' Sources also said an auction of Finland's Hartwall, the holding company through which SN bought BBH, was an option that allowed SN to sidestep Carlsberg's first right of refusal.
At present, if either Carlsberg or SN makes a bid for BBH, the other can buy it at the same price.See the full content of this document
Extract
Sn Declares War On Carlsberg
An official offer from ...
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