31 March, 2008 – Shareholders in Scottish & Newcastle are expected to give the go-ahead to a multi-billion pound takeover bid by giants Carlsberg and Heineken later today.
The joint 800p per share bid tabled, worth around £10 billion, has been backed by the board and will be voted through at a meeting in Edinburgh, UK sources claim. The withdrawal of SABMiller in February seems to have killed speculation of a counterbid.
If the move is approved, Scottish & Newcastle shares would be delisted on 25 April, with its new owners assuming control within three days. The deal will end 250 years of independence by S&N.
Heineken will take over S&N operations in Britain, Ireland, the US, India, Portugal, Finland and Belgium, while Carlsberg will take the helm in China, Russian, Vietnam, Greece, France and the Baltics.
Heineken has expressed an interested in inheriting S&N’s Edinburgh headquarters although it is expected at least 150 jobs will be cut as a result of the acquisition.