S&N agrees Carlsberg-Heineken takeover bid for 7.8 bn pounds

NEW DELHI: UK-based liquor major Scottish & Newcastle, which holds 37.5 per cent stake in Vijay Mallya-led United Breweries, today said its board has accepted a takeover offer of 7.8 billion pounds by a consortium of Carlsberg and Heineken.

"While the UB Group has had an excellent and productive relationship with S&N Plc during the period of association, we welcome the fact that Heineken will be associated and be a potential shareholder of United Breweries on terms that are yet to be agreed," Mallya said in a statement. The UB Group chairman said there was great potential for combining strengths of the two companies to tap the Indian beer market.