Brewing giant Heineken rejects takeover move
Heineken, which owns former Scottish & Newcastle brands Strongbow and Kronenbourg 1664, has rebuffed a takeover approach from SABMiller.
The brewer of Pilsner Urquell, Grolsch and Peroni Nastro Azzurro has been told that Heineken's founding family are determined to keep the Dutch firm's independent status.
The move by SABMiller, which is listed on the London Stock Exchange, is being seen as a pre-emptive measure in order to prevent itself from becoming a takeover target for Stella Artois maker AB InBev.
Heineken's UK business employs around 2,000 people at eight sites, including breweries or cider plants at Edinburgh, Livingston, Tadcaster, Manchester, London, Hereford and Ledbury.
Heineken's controlling shareholders are the De-Carvalho family with a 50.1% stake in the Amsterdam-based business. The company is worth around £27bn, compared with £55bn for SABMiller.
The Dutch firm said last night that SABMiller's proposal was "non-actionable". It added: "The Heineken family has informed SABMiller and Heineken of its intention to preserve the heritage and identity of Heineken as an independent company.
Shares in SABMiller opened 6% higher yesterday.