Carlsberg and Heineken have agreed to offer 800 pence in cash for each Scottish & Newcastle share, valuing Scottish & Newcastle's equity at GBP 7.6 billion. The offer will be implemented by way of a Scheme of Arrangement expected to become effective end of April 2008.  The financing is made of a GBP 3.0 billion bridge to equity loan and a GBP 2.8 billion syndicated loan. The loan syndication was significantly and banks were scaled back accordingly. BNP Paribas CIB will be acting as Joint Global Coordinator and Bookrunner in the upcoming Rights Issue (up to a maximum amount of DKK 31.5 billion - approximately GBP 3.3 billion) which will happen at a later stage.

Carlsberg is one of the leading brewing groups in the world, with a large portfolio of beer and soft drinks brands. Its flagship brand  Carlsberg  is one of the fastest-growing and best-known beer brands in the world. More than 30,000 people work for Carlsberg at 92 local production sites in 48 countries, and its products are sold in more than 150 markets. In 2005 Carlsberg sold more than 100 million hectolitres of beer, which is about 83 million bottles of beer a day.