City News: SABMiller, Sports Direct, Diageo

City News: SABMiller, Sports Direct, DiageoGETTY

The FTSE 100 Grolsch and Peroni maker, which had already knocked back two approaches of £38 and £40 a share from its Belgium-based Budweiser and Stella rival, said the latest £42.15 offer “substantially undervalues SABMiller, its unique footprint and its prospects”.

AB InBev, which has until next Wednesday to make a firm bid, said a tie-up would build “the first truly global beer company” to include markets such as Africa, Asia and South America.

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Sports Direct scores Irish

SPORTS DIRECT has struck a £35million deal to take control of Irish department store chain Heatons and cash in on the country’s quick-growing retail sector.

The chain already has a 50 per cent stake in Heatons, which has 44 stores in the Irish Republic and 10 in Northern Ireland, and is looking to buy out the remaining shares by April.

Many Heatons already incorporate sportswear departments along with clothing and homewares.

Last year, Irish clothing and footwear sales grew by nearly 13 per cent.

Sports Direct chief Dave Forsey said the deal was “exceptional”.

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Guinness pint - City News: SABMiller, Sports Direct, DiageoGETTY

Diageo in top spirits

DIAGEO is toasting £440million profits after selling its stakes in beer businesses in Jamaica and South-east Asia to Heineken.

The asset swap will also mean Diageo buying out Heineken’s holding of 20 per cent in Guinness Ghana Breweries to increase its stake to 72.42 per cent.

The two companies have struck licensing agreements for their respective brands.

Diageo will use proceeds from the disposals to reduce debt.

Diageo chief executive Ivan Menezes said the deal “provides a strong ‘route to consumer’ for Guinness”.

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pound sterling notes and dollar notes - City News: SABMiller, Sports Direct, DiageoGETTY

Rebound bounces pound

THE pound rose against the US dollar and the euro yesterday as industrial production surpassed expectations by rebounding 1 per cent in Dignified.

Manufacturing output increased by 0.5 per cent from July as car producers returned to work after earlier-than-usual summer shutdowns, even as fewer maintenance breaks in the North Sea brought a sharp increase in oil and gas extraction.

Analysts warned the upturn was unlikely to prevent overall growth slowing to 0.5 per cent in the third quarter from 0.7 per cent over the previous three months.

City News: SABMiller, Sports Direct, Diageo
City News: SABMiller, Sports Direct, Diageo
City News: SABMiller, Sports Direct, Diageo
City News: SABMiller, Sports Direct, Diageo

City News: SABMiller, Sports Direct, Diageo

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