S&N shareholders rubber-stamp Carlsberg/Heineken takeover
Scottish & Newcastle (S&N) shareholders have rubber stamped Carlsberg/Heineken's £7.6bn takeover bid.
Observers leaving S&N's extraordinary general meeting said the deal was given the go-ahead, paving the way for Heineken to assume ownership of S&N's UK brewing and pub operations, as well as the group's businesses in a number of European markets.
Shareholder assent was expected, but the proposal needed official approval at today's meeting.
The battle for S&N proved immensely bitter at times, with claim and counter claim flying between the parties as management at the UK group held out for £8 a share.
Once the board accepted the 'magic number' earlier this year it was for many a foregone conclusion that the shareholders were give their approval.
So what now for S&N? Heineken's senior management has previously indicated it will keep both S&N's beer and cider brands, together with its pub operations.
Jean-Francois van Boxmeer, Heineken's chairman and chief executive, told thepublican.com in February that in the pub operation he saw a "very sustainable business model" going forward.
He said it was too early to say whether the brewer, which now owns S&N's UK operations, will look to buy more pubs or sell any of the 2,200 pubs in the S&NPE estate.
Van Boxmeer also told thepublican.com Heineken had "no plans" to withdraw any of S&N's brands.
"We are happy to have four strong brands and add another one, Heineken," he added, although it was too early to outline details of its strategies for both the brands and the pub operation, van Boxmeer said.
Heineken has less than one per cent of the UK beer market, but van Boxmeer said clearly this situation would change following the acquisition.
The market will now watch to see which of S&N's previously announced job cuts it implements, whether - as expected - it closes S&N's corporate head quarters in Edinburgh, and who from S&N's senior management remains with the company.
