SABMiller, the brewer tipped as a possible white knight bidder for Scottish & Newcastle (S&N), refused to rule out further acquisitions yesterday after announcing a recommended €816 million (£582 million) takeover of Grolsch, the Dutch brewer.

The company, which recently announced an American joint venture with Molson Coors, is understood to have secured a deal in the face of rival interest from Anheuser-Busch (AB), the American brewer that already sells Grolsch in the United States under an exclusive sales and marketing agreement.

Some observers suggested that the deal might rule SABMiller out of the running for S&N, which is the subject of an unsolicited approach from Heineken and Carlsberg worth 750p a share, valuing the Edinburgh-based group at £7.3 billion, or £9.7 billion including debt and pension liabilities.

However, a spokesman for SABMiller said last night: “We wouldn’t comment specifically on S&N, but we don’t believe that this transaction [with Grolsch] unduly limits our ability to consider other deals that might create value for our shareholders.”

SABMiller, which first approached Grolsch about eight years ago, is offering €48.25 a share, an 84 per cent premium to the average price over the past month and a multiple of about 14.7 times the Dutch company’s underlying earnings last year.

Malcolm Wyman, SABMiller’s chief financial officer, said that the price offered was not based on the present profitability of Grolsch but rather the potential profits that the brand could achieve under SABMiller’s ownership.

“We believe we can do a lot more with it than is being done at the moment,” he said.

Mr Wyman said that the Grolsch brand would be expanded via SABMiller’s operations in Central and Eastern Europe and in Latin America and Africa. In particular, it would be used to plug the gap left by the loss in March of a contract with Heineken to brew Amstel lager in South Africa.

Mr Wyman said that SABMiller could also use Grolsch’s modern brewery at Enschede to brew some of its existing brands for distribution in Northern Europe. The Grolsch brewery, built in 2004, was operating at less than 75 per cent of its 3.8 million hectolitre capacity.

He said that Grolsch’s distribution agreements in Britain and America would continue for the time being. In the UK, its beers are sold by Molson Coors, the North American brewer, which has a 49 per cent stake in Grolsch UK. Coors inherited the stake in its acquisition five years ago of part of the old Bass brewing empire, including Carling lager.

Grolsch will join a SABMiller portfolio that includes Peroni Nastro Azzurro, of Italy, and Pilsner Urquell, from the Czech Republic.

Trevor Stirling, a drinks analyst at Sanford C. Bernstein, said that the deal would be “incrementally negative” for Heineken as it would face tougher competition both in South Africa and its home market in the Netherlands.

Other analysts pointed out that the 14.7 earnings multiple offered by SABMiller was much higher than the multiple of 13.6 implied by the offer for S&N by Heineken and Carlsberg. “On a similar basis, S&N would be worth at least 830p a share,” one analyst said.

A source close to S&N’s suitors said that Grolsch and S&N were very different businesses. “It’s like comparing apples and pears. On the one hand you’ve got a large, 400-year-old global brand with growth potential; on the other, you’ve got a company with more localised brands that has had big problems in Western Europe.”

S&N will accompany its scheduled trading statement today with a detailed strategy update that will form the basis of its defence against the Heineken and Carlsberg consortium.

It is expected to announce fresh redundancies in the UK, with Frank Douglas tipped to step down as human resources director. Eleanor Cannon will become group human resources and corporate affairs director.

John Dunsmore, the new S&N chief executive, will also signal significant supply chain savings in its continental operations and flesh out S&N’s claim upon Carlsberg’s 50 per cent stake in Baltic Beverages Holding, its joint venture in Russia and the Baltics.

Lager than life

Founded: 1615

Listed: 1984

Brewery capacity: 3.8 million hectolitres

Turnover (2006): €317.6 million

Sales volumes: 3.2 million hectolitres

Net profit: €19.2 million

Dutch market share: 15 per cent

International markets: UK, USA, Canada, France, Australia, New Zealand

Brands: Grolsch Premium Pilsner, Grolsch Premium Weizen, Spring Bock, Autumn Bock, Amsterdam

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