Britvic shareholders approve £3.3bn takeover by Carlsberg

At a meeting of the shareholders held on 27 August 2024, 83% of individuals voted in favour of the deal, while more than 99% of total votes were cast in favour.

Completion of the acquisition remains subject to the satisfaction or waiver of the other conditions set out in the scheme document, including regulatory approvals.

Subject to the satisfaction of those conditions, the deal is expected to be completed during the first quarter of 2025.

'Unanimously recommended deal'

After rejecting a series of bids from Carlsberg, the Britvic board accepted a £3.3bn offer on 8 July 2024 and unanimously recommended that shareholders support it.

Following completion of the acquisition, Carlsberg intends to create a single integrated beverage company in the UK named Carlsberg Britvic.

A deal was also struck between Carlsberg and PepsiCo regarding its bottling arrangements with Britvic to clear a path for the acquisition.

Ian Durant, non-executive chair of Britvic, said at the time: “The proposed transaction creates an enlarged international group that is well-placed to capture the growth opportunities in multiple drinks sectors.​

“Crucially, to remain competitive at a time when the market is being shaped by the trend of increasing consolidation among bottling partners, Carlsberg's agreement with PepsiCo provides the combined group with a strong platform for continued success.​

“The board of directors believe that the strategic merits of this offer are compelling, and the offer also provides shareholders with the opportunity to receive the certainty of cash consideration that reflects the current strength and medium-term prospects of the Britvic business.”​

Deals create ‘enhanced proposition’ for Carlsberg

Alongside the initial announcement of the Britvic deal, Carlsberg also confirmed that it had bought the 40% stake held in Carlsberg Marston’s Brewing Company by Marston’s, giving it total control of its UK brewing operation.

Carlsberg CEO Jacob Aarup-Andersen explained: “With this transaction, we are combining Britvic’s high-quality soft drinks portfolio with Carlsberg's strong beer portfolio and route-to-market capabilities, creating an enhanced proposition across the UK and other markets in Western Europe.​

“The proposed transaction is attractive for shareholders of Carlsberg, supporting our growth ambitions, being immediately earnings accretive and value-accretive in year three. We are excited about expanding our global partnership with PepsiCo and believe that the longer-term opportunities will be very beneficial for both companies.”​

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