The German investment bank WestLB Panmure, have cut its rating on Scottish & Newcastle to "neutral" from "outperform" with a 402 pence share price target. Analyst Stuart Price said in a research note that his rating was down to "the group's lack of a horizontally integrated business model and over-exposure to consolidated and intensely competitive markets. Given its 42 % share of the French market, 34 percent share of the Russian market and 28 % in the UK, we contend that the company is a sitting duck for potential bidders," said the note.

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