S&N sold ist pubs

It’s done. And about time too. The long battle over Scottish &Newcastle’s retail estate is over. Behind the scenes a bidding war has dragged on for more than five months ever since S&N announced in April that it would pursue a sale of the whole of the managed retail business. On 6 October 2003 S&N sold the business to Spirit Amber Bidco for total proceeds of GBP2.5 billion. The net figure is GBP2.43 billion - the adjustment factors are £32m for S&N’s pension plan and intra-company debt. The net figure equates to about 8.4x EV/EBITDA, which is towards to the top-end managed pub market valuations, according to market observers.
In the year to 27 April 2003, S&N Retail’s turnover was GBP1.04 billion, with operating profits of GBP228 million from net operating assets of GBP2.2 million..

Arrivederci Roma

In the grand scheme of things, even little things matter. For example, who beds whom. With Birra Peroni (Peroni) having become the Italian subsidiary of SABMiller plc, the co-operation between Peroni and Anheuser-Busch was no longer considered politically correct. After all, Anheuser-Busch and Miller are fierce competitors in the US beer market. That is why Peroni will launch Miller Genuine Draft in the Italian market towards the end of 2003 and give up brewing Budweiser and Bud under licence with effect from November 2003.
Peroni’s agreement with Anheuser-Busch, which has been in place since 1995, has not been renegotiated following SABMiller’s acquisition of a 60% stake in Peroni in May 2003. 4% of total Peroni volumes. Heineken Italia is the market leader ...p.A.p.A.p.A.p.A..

Healthier margins

Once upon a time - and not so long ago - Warsteiner Brewery was Germany’s major brewer and sold more than 6 million hl beer annually. This year its Managing Director, the Peru-born Gustavo Möller-Hergt, 41, expects output to drop to 4 million hl and the brewer to relocate to rank number three. At the end of 2002 Warsteiner decided to discontinue brewing 300 000 hl of beer for Germany’s discount supermarket chain Lidl, which in the past may have helped fill its vessels but did nothing to fill Warsteiner’s coffers. According to Möller-Hergt, volumes have suffered as a consequence of the decision, but returns have improved. This news has put an end to speculation that Cramer was going to sell his brewery or turn it into a foundation to secure its future existence..

Interbrew buys Spaten

Two days before the start of the Munich Oktoberfest Interbrew announced a strategic partnership with Gabriel Sedlmayr Spaten-Franziskaner Bräu KGaA ("Spaten") in Munich, which will combine Spaten’s beer business with Interbrew Deutschland. Don’t be fooled by the terminology, but the complex deal is nothing but a three-step take-over of the southern German brewing group. The combination will create the largest brewery group in Germany with 15.6 million hl production volumes and an 11% share of the German beer market. The transaction is subject to shareholders’ and regulatory authorities’ approval and is expected to close in the second half of 2004. Munich brewers remember only too well the headlines in the local press after Heineken had signed a joint venture with Paulaner.6x..

Interbrew's new CFO

François Jaclot has been appointed Chief Financial Officer of Interbrew as of 15 September. He succeeds Luc Missorten, who left the brewer this summer "to pursue business opportunities outside the company." Jaclot, 54, a French citizen, is an experienced finance professional. Before joining Interbrew he served as Chief Financial Officer, Director and Vice-Chairman of the Management Committee of Suez from 1997 until 2003. Suez is a transnational utilities group, whose core businesses are energy, water and waste services. Suez owns Tractebel, the Belgian utilities company which specialises in electricity, gas, and water and on whose Board of Directors serves ... Baron de Keersmaeker, Interbrew’s former Chairman.

Let's twist and dance

Once upon a time, perhaps 30 vintages ago, when you were invited to a student party you had to bring a bottle. Invariably, everybody brought along a bottle of plonk because why splash out on some decent red if in the course of the evening it would end up

Autumn of discontent

After the long summer break Carlsberg Sverige has initiated negotiations with the union representatives about the possibilities of transferring the production of beer, mineral water and other soft drinks from the brewery in Bromma near Stockholm to both C

Ringnes closes Tou brewery

Beer sales in Norway fell 7.2% during the first half of this year, continuing a trend that began a few years ago. Alcohol consumption in general is rising, but beer is becoming less popular. Grocery store sales of beer declined 7.7%, while bars and restau

Who is carrying the can?

A can of carbonated ice tea will cost you 25c deposit. A can of ice tea without fizz none. While a can of coke has a deposit of 25c on it, a can of coke with enough whiskey added to it does not. By the way sausages or peanuts in tins are deposit-free. RTD

Beating a retreat

Like an eager pupil trying to draw his headmistress' attention, Carlsberg Breweries let it be known that it too was keen to take part in the consolidation process of the German brewing industry. However, while Interbrew and Heineken were busy buying up br