Brewer presses Carlsberg over joint venture

Takeover target Scottish & Newcastle today said it was considering how to oust suitor Carlsberg from its prized joint venture in the Baltics.

The move will be seen as a defensive strike to thwart a potential hostile takeover from Carlsberg and Heineken, after the pair said last week they were in talks over a possible approach.

Scottish & Newcastle said it believed Carlsberg had breached terms of the joint venture agreement for its Russian beer business, Baltic Beverages Holding (BBH).

The group added that under confidential clauses in the agreement it could force Carlsberg to offer its 50% stake in the business to S&N.

The group said it was now looking at whether or not to buy Carlsberg’s holding, or sell the stake to another investor.