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S&N refuse brewery giants

Brewery giants Heineken, owned by the Heineken family, and Carlsberg have formed a consortium in order to make a proposal offer to fellow brewery group Scottish & Newcastle (S&N).

The S&N board has rejected the initial offer of 720p per share and has refused to enter into any discussions with the consortium.

The consortium has said in a statement that it "strongly believes that its proposal is strategically compelling and that a recommended transaction is in the best interests of S&N's shareholders."

Under the terms of the deal, Carlsberg and Heineken would each own 50% of the company with the economic contributions being approximately 54% and 46% respectively.

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