All under one roof
In May 2003, Scottish & Newcastle plc (S&N) confirmed the acquisition of the full control of Sociedade Central de Cervejas (Centralcer), the Portuguese brewer and distributor. S&N had entered the Portuguese market in 2000, buying a 49% stake in the holding Centralcontrol, which controlled 100% of Centralcer, Portugal’s second largest brewer. The remaining 51% stake was held by VTR SGPS SA, a holding company for the interests of Banco Espirito Santo, Parfil, Fundaçao Bissaya Barreto, Olinveste and STDP. The total net cash consideration that will be payable on completion by S&N for these transactions is EUR342 million. S&N will also consolidate approximately EUR 157 million of debt relating to the two businesses (although EUR70 million of this relates to S&N’s existing 49% investment).2% p..
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