Scottish & Newcastle (S&N) was said to be “furious” about plans by Carlsberg to make a formal joint offer with Heineken for the British brewer. Carlsberg is actually S&N’s partner in a Russian venture. Carlsberg and Heineken planned a “friendly cash bid” valuing S&N at between 720p and 750p per share. S&N has rebuffed the offer, and believes it has been undervalued by the stock market. The market now expects a bidding war to begin between Strongbow and Kronenbourg. Shares in S&N continue to rise, up 9½ to 767p. Financial Times 20/10/07 page 19 (The Week, Companies & Markets) The Daily Telegraph 20/10/07 page 37 (The Market, Business) The Times 20/10/07 page 69 (Large Caps, Business)

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