S&N sells French division to reject takeover bid

Scottish & Newcastle has announced the sale of its underperforming French wholesale distribution business in yet another bid to fight its takeover by Carlsberg A/S and Heineken NV.

Scottish & Newcastle has announced the sale of its underperforming French wholesale distribution business in yet another bid to fight its takeover by Carlsberg A/S and Heineken NV.

S&N chief executive John Dunsmore announced that he “intends to take full control” of Baltic Beverages Holdings (BBH), its joint venture with Carlsberg, as the brewer continues to fend off the proposed Carlsberg and Heineken bid.

S&N is reported to have started arbitration aimed at forcing the Danish brewer to give up its stake in BBH, which owns Russia’s largest beermaker, and is said to be working with a minority partner to pay for a deal.

In its trading update today, S&N also announced that it is “confident” about earnings in 2008, with the French unit sale having an “immediate positive impact” on profit and cash flow. The brewer reported a drop of 3.1% in its first half pre-tax profit for the year.

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here