Mumbai, Jan. 25: Carlsberg and Heineken today acquired Scottish & Newcastle (S&N), Britain’s largest brewer, for $15.3 billion (£7.8 billion).

The overseas buyout immediately triggered speculation that Heineken might look to raise its stake in United Breweries, the Vijay Mallya group company.

S&N has a 37.5 per cent stake in United Breweries, which is the same as that of the Mallya group. As a consequence of the acquisition, S&N’s 37.5 per cent in United Breweries will go to Heineken.

Under the terms of the deal, Carlsberg and Heineken are dicing up the S&N empire. Carlsberg will acquire S&N’s 50 per cent stake in its Russia-based joint venture apart from other interests that it has in France, Greece, China and Vietnam. Heineken will take over S&N’s UK business and its operations in other European markets, apart from the US and Indian businesses.

The speculation about Heineken’s stake hike in UB arises because of a Sebi rule.

According to the Substantial Acquisition of Shares and Takeovers Regulations, 1997, an open offer has to be made for another 20 per cent of a company when there is a change of ownership and if it influences the board structure.

Although indications coming from the Heineken camp is that it is not planning to raise its stake in United Breweries immediately, the spokesman for the the beer company could not be contacted. Ravi Nedungadi, director of United Breweries, told The Telegraph, “Our reading is that it (the open offer) is not required.”

In a statement, UB group chairman Vijay Mallya said, “While the UB Group has had a productive relationship with S&N, we welcome the fact that Heineken will be associated and be a potential shareholder of United Breweries on terms that are yet to be discussed. Heineken is one of the world’s leading beer brands and there is a great potential for combining the strengths of the two companies to participate in the Indian beer market.”

Market circles believe Mallya will have a hard time raising funds if a takeover battle arises with Heineken.