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’Correction to trading statement
Strong stuff that Magners Irish cider:
Dublin, London, 13 July 2009: C&C Group plc (‘C&C’ or the ‘Group’), today issued the following correction to the trading update for the four months ended 30 June,
Carlsberg in $6.3bn rights offer
Carlsberg, the Danish brewer, announced a 30.5bn-kroner ($6.3bn) rights offer to repay part of the debt from the purchase of Scottish & Newcastle, reports Bloomberg. Carlsberg will issue 76,276,403 new series B shares at 400 kroner a share,
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.
SABMiller ends S&N bid hope
SABMiller ended weeks of secret talks with Scottish & Newcastle on Wednesday and abandoned any hope of thwarting Carlsberg and Heineken’s £7.8bn agreed bid for Scottish & Newcastle, Britain’s biggest brewer.
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,
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,
Lombard: Takeover targets, beware the ‘unbashful bridegrooms’
New chief executives used to enjoy a relatively lengthy honeymoon period. These days, judging from the experience at BHP Billiton (for Rio Tinto), Carlsberg (going after Scottish & Newcastle) and Rio Tinto itself (which successfully bid for Alcan),
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 in search of partners for BBH
Scottish & Newcastle is considering teaming up with another brewer to buy Carlsberg’s stake in Baltic Beverages Holding as it tries to remain independent following a takeover offer from Carlsberg and Heineken last week.
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,
The Real Deal – downing brown ale, Gekko-style
“Well, Sir Brian Stewart, John Dunsmore, shareholders of Scottish & Newcastle, we, the chief executives of Carlsberg and Heineken, appreciate the opportunity you are giving us to speak today.”We are not here to indulge in fantasy,
Carlsberg plans $6bn rights issue for S&N
Carlsberg is planning a DKr30bn rights issue to finance its proposed £7.1bn takeover of Scottish & Newcastle. The Danish brewer, which has teamed up with Heineken, has lined up Danske Bank and Nordea,
Relax, says former Carlsberg man, this S&N bid will be just fine
Despite seemingly missing all the fun, Nils Smedegaard Andersen is toeing the Carlsberg family line.
He formally vacated the chief executive’s chair at the Danish brewer just a couple of weeks ago – heading off to become boss of AP Moeller-Maersk.
Carlsberg, Heineken may get hostile
Carlsberg and Heineken are next week set to launch a formal bid to buy and break-up Scottish and Newcastle in a move that has enraged Britain’s biggest brewer. As reported by FT Alphaville, the pair were on Wednesday understood to be planning a friendly offer.
S&N in play
Having been smoked out on Markets Live, Carlsberg and Heineken have formally confirmed their interest in acquiring Britain’s Scottish & Newcastle. Here’s the key par from the statement:
Carlsberg and Heineken confirm that they are in discussions regarding the formation of a consortium to make an offer for the entire issued share capital of Scottish & Newcastle.