S&N shareholders in takeover vote
http://news.bbc.co.uk/go/rss/-/1/hi/business/7321481.stm Version 0 of 1. Shareholders of Scottish & Newcastle (S&N) are due to meet on Monday to call time on the UK's largest brewer. The shareholders are set to gather in Edinburgh to vote on whether to accept a £7.8bn takeover of the company by European rivals Heineken and Carlsberg. Analysts say a vote in favour is all but a formality, with the deal due to be completed by the end of April. Heineken and Carlsberg plan to split S&N - owner of Fosters, John Smith's and Kronenbourg 1664 - between them. Key Russian unit Netherlands-based Heineken will take over S&N's UK operations, while Danish Carlsberg will assume control of the majority of S&N's overseas businesses. PLANNED S&N BREAK-UP Heineken to own S&N's UK operations including Strongbow cider, John Smith's beer, Newcastle Brown Ale and Foster'sHeineken to acquire S&N's operations in Portugal, Ireland, Finland and BelgiumCarlsberg to take full control of BBH, which includes the Baltika beer brandCarlsberg to acquire S&N's assets in France and Greece Carlsberg to acquire S&N's assets in Asia, notably in Vietnam and China Carlsberg will also gain full control over its existing Russian joint venture with S&N - Baltic Beerage Holdings (BBH). Analysts say this lucrative business unit - and Carlsberg's desire to gain full control of it - were a key factor behind the takeover. Heineken and Carlsberg launched their hostile takeover bid for S&N at the end of last year. S&N's board rejected their initial bids of 720 pence and 750p per share, before accepting 800p per share at the end of January. Two weeks later, S&N announced plans to close its Reading brewery by 2010, with the potential loss of 362 jobs. It is unknown whether Heineken will stick to this decision after the takeover. S&N currently employs 3,300 people in the UK, with breweries also in Manchester, Gateshead and Tadcaster. |