Carling buyers set for auction
Financial details of business sent to potential bidders
The first round of bidding for Carling draws ever closer. Interbrew, the Belgian brewer that owns the brand, is to send financial details about Britain's biggest selling beer to potential buyers.
Goldman Sachs and Lehman Brothers are the two investment banks handling the sale. Analysts value the business at between £1.2bn and £1.4bn.
The sale will include the Caffrey's and Worthington brands, and represents a market share of 18 per cent.
The runners and riders are thought to include Anheuser-Busch, Heineken, South African Breweries (SAB) and two private equity houses - Cinven and Doughty Hanson.
Heineken is thought to be the key player. SAB was said to be "very interested" in the whole Bass Brewers estate, but less so in just the Carling business.
Scottish & Newcastle, owner of Kronenbourg, would not find a way past the regulators and therefore will not enter the bidding. Interbrew was forced to put Carling up for auction following intervention by the Department of Trade and Industry after the Belgian brewer's £2.3bn acquisition last year of Bass Brewers.
The deal was passed on the basis that Carling would be sold. The company has been allowed to keep Tennent's, Bass Ale and Boddingtons brands as well as breweries in Scotland and Northern Ireland.
Last week the Office of Fair Trading gave indications about the basis on which a split would be allowed. This means the group can now issue a sales memorandum.
Related stories:
World's brewing giants to fight it out for Carling (20 September 2001)
Decision made on Interbrew's takeover of Bass Brewers (18 September 2001)
Decision on Interbrew's ownership of Bass Brewers delayed (17 September 2001)
Heineken "to make play for Carling" (10 September 2001)
