Brewing company, Scottish & Newcastle, has announced its acquisition of Portuguese brewer and distributor, Sociedade Central De Cervejas (Central de Cervejas).

The group already held 49 per cent of Central de Cervejas, secured in December 2002 for EUR149m, and has acquired the remaining 51 per cent from its joint venture partners. The company is said by S&N to have a Portuguese domestic beer market share of about 40 per cent.From the same joint venture partners, S&N has also acquired 100 per cent of Sociedade da Agua de Luso (Luso), a leading producer of branded mineral and spring water. This includes the Luso label, reported to be the number one bottled water brand in Portugal.

The total cost of the two transactions is EUR342m and S&N will assume approximately EUR87m of debt.Combined net assets in relation to 100 per cent of the two companies were EUR234m as at 31 December 2002 and combined pretax profits for the year to the same date, excluding exceptional costs and amortisation, were EUR37m.

The transaction is expected to be completed by the end of June 2003. Details: www.scottish-newcastle.com