UK: Scottish & Newcastle announced on December 22 that it is extending the closing date on its cash tender offer to purchase all of its outstanding bonds. According to the company, 8.591 million stg has been tendered and purchased. Once these bonds have been cancelled, the principal amount outstanding will be 6.548m stg.

EDINBURGH-BASED brewer Scottish & Newcastle is 2003’s worst-performing FTSE-100 stock, after its performance was hit by restructuring costs, including the sale of its pub estate. The maker of Fosters, Kronenbourg and John Smith’s has seen its shares underperform the FTSE by about 30 per cent since the start of the year. Telecoms group Cable & Wireless was the year’s top performer, with a 201.1 per cent rise in its share price.

23 December, 2003