Carlsberg, Heineken fire latest shot in S&N bid
Published:  21 November, 2007

Carlsberg and Heineken have described S&N's latest trading results as "disappointing" as they continue to pursue their bid for the company.

S&N reported "good progress" in most of its core markets, but said it had been challenged by underlying market weakness in some Western European markets.

The Danish and Dutch brewers, who have formed a consortium to take over the Scottish brewer, hope to persuade S&N's shareholders to "encourage their board to engage with the consortium".

The latest bid – 750p a share - significantly undervalues the company, according to S&N's board.

S&N believes the bid is a tactic by Carlsberg to gain control of Baltic Beverages Holdings, in which S&N and Carlsberg share a majority stake. It has called arbitration proceedings, as it believes Carlsberg has broken the terms of a shareholders agreement and must therefore offer up its stake for S&N to buy.

Carlsberg said "there is no merit to the BBH arbitration case".




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Looking back to look forward

Wine is a liquid time capsule. Drinking older vintages not only recalls the weather conditions and winemaking styles of the past, it encourages us to reflect upon our own histories. Such reminiscence often inclines towards romanticised nostalgia. Especially after the second bottle. But looking back is a great way of learning about the future.

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