UK: Scottish & Newcastle shares up 6% on bid talks

Shares of Scottish & Newcastle gained over 6% on takeover bid talks linked to Carlsberg, according to Newratings, April 30.

The largest British brewer has often been the focus of takeover rumours, with Diageo and SABMiller being largely seen as possible suitors. On Friday, Scottish & Newcastle’s share price from 565.5p to close at 605.13p, hitting an intraday high of 633p, a level not reached since September 2002.

The Danish brewer Carlsberg has applied for permission to double its share capital, saying that it was necessary to raise the capital base to "remain in a position to take part in the consolidation process."

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