Deals and IPOs

Scottish & Newcastle Says Break-Up Bid is Unwelcome


Britain's Scottish & Newcastle (S&N) said on Wednesday a possible break-up bid from Carlsberg and Heineken was unwelcome and it was confident of its future as an independent company.

S&N confirmed in a statement that it had received no approach from the two European brewers and added the proposed break-up bid was "unsolicited and unwelcome."

"S&N is confident in its future as an independent group with a combination of strong growth in emerging markets and cash generation in developed markets. S&N strongly urges shareholders to take no action at this time," the group said.