India: Scottish & Newcastle announces successful completion of investment in United Breweries, India
Scottish & Newcastle (S&N) confirmed on May 3 that it has completed its acquisition of 37.5% of the shares of United Breweries Limited (UBL), India's leading brewer, following its initial announcement on 19 December 2004. The completion of this acquisition gives S&N an equal stake with the group of shareholders led by Dr Vijay Mallya, Chairman of UBL (the VJM Group).
Following a UBL board meeting on Friday 29 April 2005 in Goa, S&N and the VJM Group have each appointed two directors to the UBL Board and jointly appointed three independent non-executive directors. S&N is also pleased to announce the appointment to the UBL Board of Lesley Jackson who will take up the executive role of Chief Financial Officer of UBL. Lesley has served in a number of senior finance roles in S&N's UK business, including acting as UK Finance Director and Business Development Director in Bulmers, S&N UK's leading cider business.
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