Foster's brewer set for takeover after deadline extended

Foster’s brewer Scottish & Newcastle was today given an extra 24 hours to agree a £7.8bn (€10.4bn) takeover by rivals Carlsberg and Heineken.

The City’s Takeover Panel has extended its “put up or shut up” deadline until midday tomorrow to allow the European duo to finalise terms with Edinburgh-based S&N.

The company opened talks with the pair last week over a potential 800p a share bid – the suitors’ fourth approach since their pursuit began in October.

S&N indicated today that progress had been made towards a deal, with Carlsberg and Heineken completing due diligence and reaching an agreement with the trustees of its UK pension fund.

If successful, the pair plan to carve up the company, calling time on more than 250 years of history for the brewer, which traces its origins back to 1749.