S&N starts proceedings against Carlsberg

31 October, 2007

Scottish & Newcastle has started arbitration proceedings against Carlsberg, saying the Danish brewer’s attempt to take it over breached terms the pair had agreed in their joint venture Baltic Beverages Holdings, which owns Baltika.

The move is part of S&N’s attempt to fight off a takeover bid by Carlsberg and Dutch brewer Heineken.

If a tribunal confirms that Carlsberg breached the terms of the agreement it will be forced to offer its shares in BBH to S&N, the company said in a statement.

“The board continues to believe that this course of action will enhance its options to maximise value for S&N shareholders,” it said.

There have also been rumours that S&N will team up with another major brewer – SABMiller and Anheuser-Busch have been suggested – to buy out Carlsberg’s stake in BBH, but the company dismissed these as “speculation”.

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