Trouble could be brewing as two European brewers draw a bead on one of the UK’s top suds makers, Scottish & Newcastle. Copenhagen-based Carlsberg and Amsterdam’s Heineken are negotiating to form a consortium to buy the brewer of Newcastle Brown Ale for as much as $14 billion, the Wall Street Journal reports, though the bid isn't welcome news to S&N.
S&N called the proposal "unsolicited" and told shareholders it would remain independent. Carlsberg and Heineken said no formal offer was made, but the news pushed S&N’s share price up 20% today, boosting its value to $14.7 billion. Analysts were mixed on the outlook—some saying the share price had peaked, others suggesting it could go higher.