12 October 2002 08:01
1
IN ONE fell swoop, 2002 has been the year that Scottish & Newcastle transformed itself from a staid mature
brewer, who considered France an exciting market, into a business knocking on the door of growth markets such as India
and Russia.
S&N, best known for John Smith's and Newcastle Brown Ale, is open to more expansion, after it has raised
cash from selling its 1,500-strong pubs division.
A complex and mysterious transaction, which could release up to pounds 2bn, is expected in six months, and the
company furiously insists it will keep its policy of growing the dividend, in contrast to Six Continents, which used the
demerger of its pubs business as an excuse to cut its payout.
With S&N's final pounds 2bn payment to Danone for the 2000 takeover of Kronenbourg done and dusted last
week, it is time to look forward. Buy.
[UKIR [UK & Ireland Intelligence Wire]] |
RUSSIA IN FACTS
