Robinsons squash maker Britvic agrees £3.3 billion takeover by Carlsberg

Robinsons squash maker Britvic has agreed a £3.3 billion takeover by Danish company Carlsberg, the British soft drinks firm has announced.

Carlsberg will pay 1,315p for each Britvic share under the deal, which is higher than its previous 1,250p approach last month, which was rejected for being too low.

Including debts, the deal values Britvic at around £4.1 billion, the firms said.

If the deal goes through, it would create a combined group named Carlsberg Britvic and would have a portfolio of some of the most popular beer and soft drinks brands.

In the UK, Britvic produces and distributes Pepsi, 7UP and Mountain Dew on behalf of PepsiCo in a deal set to last until 2040.

Carlsberg has similar arrangements across markets in Europe and Asia and said PepsiCo had agreed to waive clauses relating to changes in control in its contract with Britvic.

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

“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.”