Carlsberg AS’s £3.3 billion deal to buy J2O maker Britvic PLC has been approved by a High Court judge.
The Danish brewery, which also owns brands including 1664 and Brooklyn, plans to create a single integrated drinks business called Carlsberg Britvic following the takeover.
Britvic, based in Hemel Hempstead, Hertfordshire, employs around 4,500 people and also makes Robinsons squash and Tango.
The companies announced the agreement last July, saying it would create an ‘enlarged international group’ that can expand into ‘multiple drinks sectors’.
Justice Hildyard sanctioned the takeover at a short hearing on Wednesday, stating the scheme ‘could be and should be approved’.
Andrew Thornton KC, for Britvic, said in written submissions that the company was ‘the largest supplier of branded still soft drinks and the number two supplier of carbonated soft drinks in Great Britain’.
The hearing in London was told that the deal will see Britvic taken over by Carlsberg UK Holdings Ltd, a wholly-owned subsidiary of Carlsberg AS, which Thornton described as ‘one of the world’s largest international brewing groups’ with a market capitalisation of kr118 billion, or £13 billion.
The acquisition was approved by Britvic’s shareholders last August, with the Competition & Markets Authority, Britain’s competition watchdog, giving it the green light in December.
Thornton added that the scheme received a ‘unanimous recommendation’ from Britvic’s directors, and ‘will not have any adverse impact on the interests of the company’s creditors’.
Carlsberg has previously said it believes the integration with Britvic can secure it £100 million in cost efficiencies a year.
It also announced that it would buy out Wolverhampton-based Marston’s, which makes Pedigree and Hobgoblin beers, from the joint venture brewing business run by the two firms for £206 million.
Britvic holds an exclusive licence with US partner PepsiCo Inc to make and sell brands such as Pepsi, 7up and Lipton Ice Tea in the UK, which Thornton told the court would continue following the takeover.
Britvic shares were up 0.1% at 1,312.65 pence each on Wednesday afternoon in London.
By Callum Parke, PA Law Reporter
Press Association: Finance
source: PA
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