British brewing giant, Scottish & Newcastle plc ("S&N"), announced on October 29 that S&N shareholders approved the proposed sale of S&N Retail (1,406 pubs) to Spirit Amber Bidco for total proceeds on a cash-free debt-free basis of £2,510 million, payable in cash. Completion is expected to take place on Monday 3 November 2003. The Kronenbourg, Fosters and Baltika brewer will use the cash from the sale to fund its brewing expansion in Europe.

S&N’s Chairman, Sir Brian Stewart. also made a statement at the Extraordinary General Meeting from October 31: “As we reported to you at the AGM at the end of August, there have been no major changes in trading which remains in line with market expectations. As such, we are confident of the prospects of the Continuing Group for the financial year and are well on track to meet our commercial and financial objectives.”

03 November, 2003