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’Snap news
Breaking pre-market news on Friday,
- BNP unveils new management team — statement and statement.
- RBS sells almost 1,000 pubs to Heineken — statement and statement.
- Randstad says demand for workers continued to slow in Q4 — statement.
Snap news
Breaking pre-market news on Wednesday,
- Ageas takes gross Greek bonds impairment of €328m and initiates share buyback — statement and statement.
- Glencore makes A$0.87 per share offer for remaining shares in Minara Resources — statement.
Market wheats itself
Carlsberg don’t do exposure to the wheat crisis, but if they did… oh. They do:
As do Heineken, after Russia moved to ban grain exports on Thursday:
Yes, we know hops are made from barley beers are made from hops and barley,
CDS report: Sovereigns wider than corporates?
Gavan Nolan of Markit wrote this CDS report
After a brief pause on Friday normal service was resumed as the credit and equity markets continued to rally. The Markit iTraxx Europe index was about 2bp tighter at 65.5bp,
Snap news
Breaking pre-market news on Monday,
- Heineken buys beer division of Fomento Economico Mexicano SAB for €3.8bn – statement and statement.
- WIBHM acquires Wolseley’s Irish business for €26.5m – statement.
Globe pub group on brink
Globe Pub Company, the ailing pub operator owned by property entrepreneur Robert Tchenguiz, was on the brink of administrative receivership on Wednesday night. The Bank of New York Mellon, which became the trustee to Globe’s bondholders after the group defaulted on a £257m asset-backed loan in April,
Snap news
Breaking pre-market news on Wednesday,
- Natixis parent BCPE will guarantee €35bn of toxic assets as the struggling investment bank – Reuters.
- Gazprom said its oil arm had accumulated a 55 per cent stake in Sibir Energy between April and June 2009,
Heineken mops up Globe debt
Heineken, the Dutch brewing group, has bought up 30% of the senior debt in Globe Pub Company, the struggling pub operator owned by UK invesetor Robert Tchenguiz, at a sizeable discount. The surprise purchase – announced at the weekend – sees Heineken acquire £60.2m of Globe’s Class A1 securitised debt at an undisclosed discount.
[Bud & Becks] A white knight for Anheuser?
It is probably premature to speculate on who might spoil InBev’s beer party, moving to agree a friendly merger with Anheuser Busch in preference to the cost-cutting, zero-base budgeting team from Belgium and Brazil.
Indian brewer eyes Heineken stake
Vijay Mallya, chairman of United Breweries, India’s biggest beer maker, said he would be keen to buy the 37.5% stake that Heineken will soon own in the company, reports Reuters, citing the Economic Times of India.
SAB Miller to counterbid for Scottish & Newcastle, FT Alphaville understands
This is RAW market info, but it comes from sources with demonstrable form: SAB Miller is plotting an alternative takeover offer for Scottish & Newcastle that will value the British brewer at around 850p a share or £8bn.
Syndicated loans are alive, well and uncertain…
The syndicated loan market’s normal reaction to turbulence elsewhere in the financial system tends to be a lethargic shrug, followed later by gradual acceptance that something might have happened, notes LoanRadar editor Tom Freke,
Last orders for S&N
They got it done. Ahead of Friday’s extended deadline from the Takeover Panel, Carsberg and Heineken have agreed with Scottish & Newcastle’s board to buy the UK brewer for 800p a share in cash, or about £7.8bn.
Carlsberg, Heineken to finalise S&N deal
Scottish & Newcastle is expected to recommend Friday a formal 800p-a-share takeover offer from rival brewers Carlsberg and Heineken after a 24-hour extension to Thursday’s deadline to finalise a deal.
S&N board meets on bid
Scottish & Newcastle’s board met Wednesday night as the brewer hoped to receive a formal offer of 800p a share in cash from Carlsberg and Heineken ahead of Friday’s UK Takeover Panel deadline. The board was expected to insist that Carlsberg agree to disclose detailed financial information on Baltic Beverages Holding,
S&N in talks over 800p-a-share bid
Scottish & Newcastle, the owner of Foster’s beer and Newcastle Brown Ale, on Thursday neared the end of a three-month takeover battle as it opened talks with Carlsberg and Heineken at 800p per share,
S&N and suitors tussle over 20p and a Russian prize
Just 20p a share seems to stand in the way of a deal between Scottish & Newcastle and its suitors, Carlsberg and Heineken.
But sometimes even 2.5 per cent can prove an obstacle too far. The price of S&N barely budged on Thursday morning,
Carlsberg and Heineken raise S&N offer
The takeover battle for Scottish & Newcastle has intensified, with Carlsberg and Heineken raising their proposed offer to around 780p-800p a share, reports the Daily Telegraph. It is understood that the two companies informed the board of S&N and its advisers in the last few days that they were prepared to increase the price by at least 30p a share.
S&N sees BBH savings as it battles bid
Scottish & Newcastle on Tuesday outlined the benefits it would gain from taking full control of Baltic Beverages Holding, including £100m a year of synergies, as it lodged its formal legal claim against Carlsberg,
S&N’s long road to Stockholm
Is anyone not filled with dread at this dragging on to July 3?
Tuesday saw the next pigeon-step en route to arbitration in Stockholm this summer, as Scottish & Newcastle started to lay out its case against Carlsberg,
Pressure builds on S&N to accept bid
Shareholder pressure is mounting on Scottish & Newcastle to look more favourably on even a slight improvement in the offer of 750p a share from rival brewers Carlsberg and Heineken. Last month the UK’s Takeover Panel imposed a “put up or shut up” deadline on Carlsberg and Heineken of January 21 to increase their offer for S&N or walk away.
S&N awaits bid battle verdict
Scottish & Newcastle on Thursday said it would know by the end of July whether it had won its legal battle to get full control of its Russian joint venture as it tries to remain independent after rejecting a takeover bid from Carlsberg and Heineken.
S&N expects further offer from consortium
Scottish & Newcastle said Monday it expected Carlsberg and Heineken to make a higher offer for the UK brewer as the UK’s Takeover Panel told the continental consortium it had a month to launch a formal bid for S&N or walk away under rules that would prevent another bid for six months.
S&N plans Russian offensive
Scottish & Newcastle on Tuesday laid out its case for acquiring full control of Baltic Beverages Holding, its Russian joint venture with Carlsberg, describing any future relationship with Carlsberg as completely untenable.
Terms improved in gassy bid for Scottish & Newcastle
So we guess that this is what constitutes “nasty” in a Dutch/Danish corporate context.
Carlsberg and Heineken on Thursday upped their offer for Scottish & Newcastle, improving the cash on the bar from 720p to 750p-a-share. This values the British brewer at £7.3bn,
Carlsberg digs in over S&N
Carlsberg’s new chief executive, Jørgen Buhl Rasmussen, is preparing the Danish brewer for a war of attrition with Scottish & Newcastle, its UK rival. Mr Rasmussen, who took over from Nils Andersen as chief executive on October 1,
S&N asks for ruling on Baltic venture
Scottish & Newcastle placed more pressure on Carlsberg and Heineken to raise a proposed 720p a share takeover offer for the brewer or walk away by asking a Swedish arbitration panel to confirm that Carlsberg had breached a legal agreement in their Russian JV.
S&N rejects ‘derisory’ bid
Scottish & Newcastle has accused Carlsberg and Heineken of trying to buy it “on the cheap” with a 720p-a-share indicative offer. The UK’s biggest brewer has come out fighting after it emerged last week that its Danish and Dutch rivals were plotting a carve-up.
So what have Carlsberg and Heineken execs been drinking?
Something the rest of us might want to avoid, that’s for sure. On Thursday, Scottish & Newcastle came out and said it had received – and rejected – “a highly conditional proposal from Carlsberg and Heineken to make a cash offer for S&N at 720 pence per share.”
S&N mounts fightback
Scottish & Newcastle began its fight against an unwanted advance from Carlsberg and Heineken, declaring an attempt to wrest full control of a lucrative Russian JV. In an effort to pull the rug from under its aggressors,