S & N BUYS BULMER'S FOR 165 MILLION
Scottish & Newcastle, the Edinburgh-based brewer, is to buy Bulmer's, Britain's biggest cider maker, in a deal worth 165 million. The brewing giant - whose portfolio includes Kronenbourg 1664 and John Smith's - has also confirmed it is to sell off its 1,500 managed pubs and restaurants for a figure expected to be in the region of 2 billion. As part of the deal to buy the embattled cider maker - which has issued five profits warnings in less than a year and replaced its CEO on New Year's Day - S&N has promised to keep production based in Hereford and maintain the company's links with apple growers. On top of the 6 million in savings announced by the recently installed Bulmer's chief executive, Miles Templeman, S&N said that it expects to be able to recover another 10 million in cost savings. S&N added that it is in advanced negotiations' to take full control of Portuguese brewer Sociedade Central de Cervejas, in which it already has a 49% stake.
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