Anheuser-Busch has approached Scottish & Newcastle (S&N) about a potential £4.6bn bid to take full control of BBH, the Russian brewer, which S&N owns jointly with Carlsberg.
S&N is already preparing a full bid for BBH as part of its defence against a £10bn takeover bid by a consortium of Carslberg and Heineken.
But Anheuser-Busch has long coveted a place in the rapidly-expanding Russian beer market and replacing Carlsberg in a new joint venture would offer it part-ownership of the country's leading brewer.
Private equity groups Blackstone and Texas Pacific have also held talks with S&N and hinted they are prepared to invest as much as £2bn.
Beer sales are soaring in Russia. Consumption has quadrupled from 20 litres a person to nearly 80 litres with much of the growth driven by BBH.
According to The Sunday Telegraph, gloomy trading statements expected this week from Punch Taverns and Enterprise Inns could put pressure on S&N to enter talks with Carlsberg and Heineken.
Carlsberg chief executive Jorgen Buhl Rasmussen told the newspaper last week that S&N should "feel free" to bid for BBH because the Danish brewer could match the offer.
That could involve the consortium paying a further £500m for S&N – 50p a share or 830p in total.
He believes shareholders will put the S&N board under pressure for fear the consortium would walk away causing the share price to collapse.
The Sunday Telegraph 13/01/08 (Business) pages 1, 4 & 8
The Mail on Sunday (Financial Mail) 13/01/08 page 66
The Sunday Express 13/01/08 (Financial) page 3
The Sunday Times 13/01/08 (Business) page 3.1
The Observer 13/01/08 (Business) page 2
