S&N pulled a fast one
What a surprise. While everybody was still pondering the possibilities and feasibilities of the three-way merger between Miller Brewing, South African Breweries and Scottish & Newcastle (S&N), the Scotsmen pulled a fast one and announced that they had bought the beer business of Finnish beverage group Hartwall. The price was €2.1 billion or 10 times Hartwall’s 2001 EBITDA. Last year Hartwall’s EBITDA was €225 million and turnover €807.6 million. The City liked the deal and was even somewhat relieved that for once S&N had bought a company with growth prospects. After all, the City had not been too pleased with S&N’s pricey acquisitions of Kronenbourg in France and Centralcer in Portugal. In Finland Hartwall controls 45 per cent of the total beer and beverage market.
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