Scottish & Newcastle (S&N) today welcomed the appointment of a chairman to the Arbitral Tribunal which is due to rule on its claim that Carlsberg breached the shareholders' agreement relating to Baltic Beverages Holding AB (BBH), the joint venture between S&N and Carlsberg.
The appointment, which has been agreed by the BBH partners and follows the appointment of arbitrators by S&N and Carlsberg, means that the Arbitral Tribunal has now been fully constituted.
S&N, which says it intends to submit its detailed claim to the Arbitral Tribunal shortly, claimed today's move was "a significant further step in its arbitration case against Carlsberg A/S's wholly owned subsidiary, Pripps-Ringnes AB, for breaches of the BBH shareholders' agreement".
According to the rules, a decision is expected within six months of the Arbitral Tribunal being constituted. S&N said it expected this to occur before the end of June 2008.
Arbitration decisions cannot be appealed except on procedural grounds.
S&N said it "continues to be confident that the Arbitral Tribunal will confirm its claims under the BBH shareholders' agreement and that S&N will therefore have the opportunity to take control of BBH and hence maximise value for shareholders".
