Britvic rejects £3.1bn bid from Carlsberg

Article by Adam Duckett

Matthew Ashmore /

UK DRINKS manufacturer Britvic has turned down a £3.1bn (US$3.9bn) takeover bid from Danish brewer Carlsberg.

Britvic, whose soft drinks brands include Robinsons, Fruit Shoot and J20, said the bid “significantly undervalues” the business.

Britvic has factories across the UK including in Leeds, London and Rugby, and has a license to make, bottle and sell PepsiCo products including Pepsi Max and Lipton Ice Tea.

Carlsberg is PepsiCo’s bottler in other countries including Norway and Sweden so a deal for Britvic would expand that relationship.

Britvic rejected a takeover on 17 June. PepsiCo has since reached an agreement with Carlsberg to waive a so-called change-of-control clause that it holds with Britvic if the brewer were to successfully buy the firm. The clause would have allowed PepsiCo to end its bottling contract with Britvic if it were bought out. Waiving the clause removes some risk of a potential deal, though Carlsberg has said it is still considering its position and there is no certainty it will make another bid.

Under UK takeover rules, it now has until 19 July to make a formal offer or walk away.

Britvic has a storied history. The company was started during the 1930s by chemist HD Rawlings who made soft drinks as an affordable source of vitamins during the Great Depression. The British Vitamin Products Company changed its name to Britvic in 1971 and went on to purchase household brands including R Whites, Robinsons, and Tango.    

Article by Adam Duckett

Editor, The Chemical Engineer

Recent Editions

Catch up on the latest news, views and jobs from The Chemical Engineer. Below are the four latest issues. View a wider selection of the archive from within the Magazine section of this site.