Exane BNP Paribas advises selling Scottish & Newcastle at 471.5p (currently 466.5p). The broker concedes the UK restructuring of the business is on track and its joint venture BBH is prospering in Russia, but it is worried about weak French consumer confidence and a flood of cheap beers from Estonia to Finland. Exane cut EPS estimates by 4% for the current year. The Daily Telegraph 18/06/05 page 34 (What The Brokers Say)