Friday despite the statements made by George wIt is likely that other ads are implementedFocus on cognac in Charente is not uselessPoint of gas gas competition the game remains sluggishIt is time to enter the era of pragmatismThe lowest rate in seventyfive years saidSuch a movement could quickly become uncontrollableMore reason to freedom in the negotiation85 over the last twelve months as the whole sector5 billion in capital for 18 of the capitalScottish & Newcastle (S & N) finally surrendered to the insistent advances of the Carlsberg-Heineken tandem. After three months of fighting, the Danish and Dutch, it is true, agreed to bring in cash 800 pence per share, the high prices charged by the British Brewer. The transaction announced Friday values the owner of Kronenbourg to 7.8 billion pounds (EUR 10.5 million).
End of October, its two competitors had put on the table a proposal to purchase to 720 pence per share, for a total of 6.8 billion books deemed "derisory" by the Group of Edinburgh. Twice, the contenders had then noted their prize, to convince their prey. There is no doubt that the fall of the pound against the euro early January has helped the two groups to cross the latter not. In addition, Carlsberg, has agreed to pay a little more than its initial share to meet the requirements of S & N.
"The Board of Directors of Scottish & Newcastle considers that the offer of the consortium represents a fair value for the company, reflecting its growth prospects, and the recommend to its shareholders," concluded Brian Stewart, Chairman of the seventh Global Brewer. Shareholders, representing 10.2 per cent of the target capital, committed themselves irrevocably to bring their titles to the consortium. "A counter-offer is very likely", Judge David Hallam, financial analyst at Evolution. Because only Carlsberg, associated with S & N in Russian joint venture Baltic Beverages Holding (BBH), is provided to get their hands on the jewel of the Scottish Crown...
Two purchasers, grouped in the Sunrise Acquisitions consortium, will share their prey. Carlsberg perform 54.5 to EUR 10.5 billion, Heineken taking in his charge the balance. In Exchange, the Dutch inherits the assets of S & N UK, Strongbow cider John Smith and Foster's beer. Dutch thus welcomes the position of number one acquired the British beer market, while focusing on annual growth of 19 of the cider revel. By retrieving the subsidiaries in Ireland, the Portugal, Finland and Belgium, he became number two in these countries. It arrogates, finally, the United States and the India.
The Dutch figure to 120 million pounds in four years the annual synergies it intends to draw from these inputs, including 70 in cost savings. The may be funded parendettement.
Capital increase
Meanwhile, Carlsberg, in addition to all of the capital of BBH, conquers the activities located in France, Greece, China and the Viet Nam. In total, apart the France, these are all positions earned in emerging markets that justify the high price paid by the Danish. "It is really a transaction transforms Carlsberg." "In a single, we create global Brewer growing fastest in the world", welcomed the CEO.
Jorgen Buhl Rasmussen.
The group estimated at 1.3 billion Danish kroner (174 million euros) synergies in three years, the bulk from the integration of BBH. For the first time, the prospects of this venture, owner of Baltika, the third brand of beer in Europe, were unveiled. Its gross operating surplus is expected growth of 34 by 2010, EUR 990 million. To finance the operation, the Danish, who secured a line of credit from a bank pool, plans to launch a capital up to EUR 4.2 billion increase.
The transaction remains subject to the approval of the European competition authorities and the approval of the shareholders of Heineken. Two prerequisites which should not be a
obstacles.
