E-Malt.com News article: Denmark: Carlsberg CEO vows patience on S&N takeover

Carlsberg's new chief is ready to be patient in his push for control of UK-based rival brewer Scottish & Newcastle and its Russian venture with Carlsberg, Baltic Beverages Holding (BBH), The Financial Times reported November 12.

S&N rebuffed Carlsberg's planned 720 pence per share joint offer with Heineken NV for the British brewer, saying the price was too low.

Carlsberg Chief Executive Jorgen Buhl Rasmussen told the FT he was unfazed.

"We have broad shoulders," he said in an interview. "We're quite relaxed."

BBH, operating in the fast-growing beer markets of the former Soviet Union and jointly owned by Danish brewer Carlsberg and S&N, is crucial to both parties in the bid battle, as each partner is attempting to buy the other out.

S&N has filed a case in a Swedish court arguing Carlsberg has breached the BBH agreement and S&N should therefore be granted control of the entire high-margin venture.

Analysts value BBH, which brews Russia's leading beer brand Baltika, at more than 10 billion pounds ($21.11 billion).

Rasmussen told the FT he was prepared to take a strong line on the BBH venture.

"What is on top of our mind is to create value for shareholders. To do that, we will have to be, from time to time, firm," Rasmussen was quoted as saying.


14 November, 2007