Scottish & Newcastle agreed to accept 7.8 billion pounds offer from Carlsberg and Heineken. The third revised offer at 800p convinced the board.
UK stocks fell after a wild week. Rate decline in the U.S. by 0.75% and fiscal stimulus package from the U.S. lawmakers revived the flagging confidence in the U.S. economy. Stocks in the UK rebounded on Tuesday and Thursday but edged lower on Friday. For the week, FTSE 100 lost nearly 10% and managed to regain nearly all the losses. Imperial Tobacco rose after it plans to gain full control of Spanish tobacco company. Gold rose on South African production problems. Pound rebounded.
Scottish & New Castle board agreed to a joint bid from Heineken and Carlsberg. The hostile offer was revised to $15.6 billion.
Scottish & Newcastle agreed to be purchased by Danish Carlsberg and Dutch Heineken. The joint bid at 800 pence per share valued the company at 7.8 billion pounds. The deal still needs approval of shareholders. The three month long battle to gain control of the Scottish brewer took two revised offers from the initial offer at 720 pence. Stocks of Carlsberg and Heineken fell. Carlsberg plans to raise capital through bank debt and equity rights offering.
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