25 April, 2007

UK: Diageo and SABMiller held talks over Scottish & Newcastle break-up

Diageo PLC and SABMiller PLC, two of the world's most powerful drinks companies, have held detailed talks about breaking up Scottish & Newcastle PLC, the British brewer, reports the Financial Times, according to AFX News Limited, April 23.

The FT says work on the takeover, which was being actively discussed as recently as the end of last month, centred on a plan for SAB to bid about 710 pence a share for S&N, or just over 9 bln stg, including debt.

However, the report adds that the move appears to have been disrupted by the rise in S&N's share price over the past month, with takeover speculation pushing it above 600 pence at one stage.

The deal would have seen Diageo buying S&N's UK beer business, which includes names such as Foster's, John Smith's and Strongbow cider, as well as Newcastle Brown Ale.

S&N's Kronenbourg interests in France would have been sold off, possibly to a private equity buyer, while SAB would have retained control of S&N's other international assets, such as a big stake in United Breweries, the Indian brewer, and Chongqing of China.

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