S&N takeover deal at centre of massive City insider trading case

It is understood the investigation involves linked chains of individuals allegedly making up to GBP 20 million (EUR 23 million) from share dealing.

The alleged ring is suspected of making about GBP 4 million (EUR 4.5 million) alone from trading in S&N shares during its takeover by rivals Carlsberg and Heineken in early 2008.

The FSA declined to comment on the reports, beyond saying that seven men had been arrested on suspicion of insider trading, but were released on bail.

It is understood that charges are unlikely to be brought soon, due to the complexity of the case.