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Britvic suspends share buyback after Carlsberg's takeover approach

Reuters
·1 min read
FILE PHOTO: Taps for Carlsberg beer are seen in a bar in Copenhagen

(Reuters) - Britvic said on Tuesday it would suspend its 75 million pound ($95.24 million) share buyback in light of Danish brewer Carlsberg's proposal to buy the British soft drinks maker.

Britvic had rejected a 3.11 billion pound takeover proposal from Carlsberg last week.

Carlsberg is considering its options and said on Monday that PepsiCo agreed to waive a clause in its bottling deal with Britvic, in a move that could pave the way for the Danish firm to raise its bid for the maker of Robinsons fruit cordial.

The company will evaluate recommencement of the share repurchase programme should the circumstances change, it said.

Britvic shares fell 1.5% by 0911 GMT.

($1 = 0.7875 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)