Nov. 15 (Bloomberg) -- Heineken NV shares fell the most in more than three months in Amsterdam trading on concern that the Dutch brewer will pay too much for Scottish & Newcastle Plc after today raising its joint bid with Carlsberg A/S.

Carlsberg, the largest Nordic beer maker, and Amsterdam- based Heineken proposed a 750 pence-a-share bid to Scottish & Newcastle's board, up from last month's 720 pence-a-share offer. The new bid is worth more than 7 billion pounds ($14.4 billion). Heineken stock fell 2.7 percent, the most since July 26.

``Investors fear Heineken will pay too much,'' said Richard Withagen, an analyst at SNS Securities in Amsterdam. ``This is definitely not an offer that the board of Scottish & Newcastle will recommend to its shareholders, since it's only 4 percent higher than the previous bid.'' He rates Heineken stock ``hold.''

Carlsberg wants control of its Russian venture with the Edinburgh-based company, while Heineken is after U.K. operations that make Foster's lager and Strongbow cider. Heineken has a 46 percent stake in the joint bid and Carlsberg 54 percent.

Heineken shares fell 1.24 euros to 45.10 euros in the Dutch capital. Scottish & Newcastle stock gained 16.5 pence, or 2.2 percent, to 757 pence in London trading, above the offer price. Shares of Carlsberg dropped 1 Danish kroner to 647 kroner.

To contact the reporter on this story: Joram Kanner in Amsterdam at jkanner@bloomberg.net

Last Updated: November 15, 2007 12:40 EST