The sale of the remaining 51% in the Portugal's second largest brewing force, Central de Cervejas (Centralcer), to the UK brewer, Scottish & Newcastle (S&N), has been delayed as the fine details of the deal are agreed, the Portuguese press reported. However, the deal will be completed within the next few weeks, sources stated. According to analysts S&N will pay about EUR 180 million for the stake, including more than EUR 40 million in cash. The remainder of the price is thought to be met through the assumption of some of Centralcer's debts.

The 51% participation is currently owned by the Portuguese holding company, VTR, which is in turn controlled by the bank, Banco Espirito Santo (BES). In 2000 S&N acquired a 49% stake in Centralcer for about EUR 152 million.

07 May, 2003