S&N suitors get more time for bid

The consortium first approached S&N in October last year

The takeover of UK brewer Scottish & Newcastle has moved a step closer after suitors Heineken and Carlsberg were given an extra 24 hours to make a bid.

The Takeover Panel said the two firms must now make a formal offer by 1200 GMT on 25 January.

S&N began talks with Carlsberg and Heineken over an 800 pence-per-share bid proposal last week.

S&N said the two had now completed a review of its finances and had reached agreement with S&N's UK pension fund.

The UK brewer, whose brands include Foster's and Kronenbourg, had rejected earlier approaches from the Carlsberg-Heineken consortium.

However, it began talks last week with the group over its latest proposal, which values S&N at £7.8bn.