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SABMiller Won't Bid for Scottish Brewer

The brewer made it clear that it will not pursue an acquisition of Scottish & Newcastle and that it considers Western European markets "singularly unattractive"

The brewing giant SABMiller has ruled itself out of making a rival bid for Scottish & Newcastle to trump an agreed £7.8bn offer from Carlsberg and Heineken.

Speculation that SABMiller was considering an £8bn -- or 850p a share -- bid for the Edinburgh-based brewer sent shares in S&N up 2.5 per cent yesterday. The Foster's and Newcastle Brown ale brewer finished the day higher than 800p -- the price agreed by its continental European rivals last month as traders bought into the rumours. S&N shares rose 19.5 p to 807.5p after earlier rising to 811.5p on the bid talk, while SABMiller slipped 49p to 1082p.