In your court

8 Jan 2008 By John Foley Follow @johnsfoley

The UK brewer is rightly accusing Carlsberg of trying to buy their Russian joint venture on the cheap. But even as it talks up the value of BBH, S&N s mature markets are deteriorating. A higher offer, not independence, looks the real prize.

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Scottish & Newcastle outlined its legal challenge to rival Carlsberg, which it accuses of trying to buy their eastern European joint venture, BBH, on the cheap. Carlsberg made a 750pashare offer for the UK brewer last year, along with Dutch rival Heineken.

S&N has asked a Swedish tribunal to rule on Carlsberg's alleged breach of the shareholders' agreement. A decision is expected by July 3. If successful, S&N expects to have the right to acquire Carlsberg's 50% of BBH at a fair market price.

S&N's shares closed on Monday at 729p.

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