Brewer consortium forming for S&N

19 October, 2007

Carlsberg and Heineken are in discussions to form a consortium to make an offer for Scottish & Newcastle plc.

The brewing giants have issued

a joint statement confirming that they will make an offer for the entire issued share capital of S&N. Any offer is likely to be made in cash, according to the statement.

If an offer is made, Carlsberg will acquire Scottish & Newcastle's interest in the Baltic countries, France and Greece and Heineken will assume control of S&N's UK and European businesses.

S&N is the UK's largest brewer, with key beer brands Foster's, Baltika and Newcastle Brown Ale.

According to the statement, "no formal approach has been made to S&N, and there can be no certainty that an offer for S&N will ultimately be made".

A further announcement will be made in due course, according to the statement issued by the brewers.

Share prices for S&N have increased amid spectulation. They were 750p as OLN went to press on Oct 17, up 18 per cent on the previous day.

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