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Scottish & Newcastle Agrees to Be...

LONDON — Scottish & Newcastle, Britain’s largest brewer, agreed on Friday to a £7.8 billion ($15.4 billion) takeover by the European rivals Carlsberg and Heineken.

After three months of negotiating on the price, Carlsberg and Heineken agreed to pay £8 in cash for each share of Scottish & Newcastle, which makes Foster’s and Kronenbourg 1664 beer. The takeover offer represents a 26 percent premium to the value of Scottish & Newcastle’s shares on Oct. 16, a day before the two companies said they were considering a takeover. They raised their bid three times from an initial offer of £7.2 a share.

“The deal is not cheap, but it offers some opportunities,” said Marcel Hooijmaijers, an analyst at Landsbanki Kepler in Amsterdam.

A smoking ban in pubs and bars and consumer worries about rising living costs and slowing economic growth have hurt sales at brewers, leading them to explore takeovers in faster-growing markets like Russia and search for ways to gain market share at home.

SABMiller, one

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