Heineken/Carlsberg not upping S&P bid
LONDON (Bloomberg) - Heineken NV and Carlsberg A/S, the brewers seeking to buy British rival Scottish & Newcastle plc., said they have no plans to increase their £7.3 billion ($14.9 billion) offer.
Heineken and Carlsberg, the largest Dutch and Danish brewers respectively, said today they are still trying to "seek engagement" with Scottish & Newcastle's board and will not rule out eventually sweetening their bid.
The current 750-pence-a-share proposal is "full and fair," the suitors said in a statement.
Carlsberg CEO Joergen Buhl Rasmussen told the Scotsman newspaper that the two companies may drop the bid if the UK brewer will not start talks, according to a report yesterday.
Valby, Denmark-based Carlsberg wants full control of the companies' Russian joint venture, while Amsterdam-based Heineken is after Scottish & Newcastle's British operations.
The brewers raised their initial 720 pence-a-share offer on November 15.
Edinburgh-based Scottish & Newcastle rejected the improved bid last month, saying it undervalues the company.