NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN,
INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION
THIS
ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN
OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE
"CODE") AND THERE CAN BE NO CERTAINTY THAT ANY SUCH OFFER WILL BE
MADE
FOR
IMMEDIATE RELEASE
24
June 2024
Statement by Carlsberg Group
("Carlsberg") regarding Britvic
plc
("Britvic")
Further to the speculation in the
weekend press, Carlsberg confirms that it has reached agreement
with PepsiCo, Inc. ("PepsiCo") whereby PepsiCo has agreed to waive
the change of control clause in the bottling arrangements it has
with Britvic. This waiver will come into effect should an
acquisition of Britvic by Carlsberg, which has the recommendation
of Britvic's board, proceed to completion.
Carlsberg is considering its
position. There can be no certainty that any offer will be
made.
A further announcement will be made
as appropriate.
In accordance with Rule 2.6(a) of the
Code, Carlsberg is required, by no later than 5.00 p.m. on 19 July
2024, either to: (a) announce a firm intention to make an offer,
subject to conditions or pre-conditions if relevant, for Britvic in
accordance with Rule 2.7 of the Code; or (ii) announce that it does
not intend to make an offer for Britvic, in which case the
announcement will be treated as a statement to which Rule 2.8 of
the Code applies. This deadline will only be extended with the
consent of the Panel in accordance with Rule 2.6(c) of the
Code.
Enquiries
Carlsberg
Investor Relations:
Peter Kondrup
Media Contact:
Brunswick Group
Max McGahan
Diana Vaughton
Tom Pigott
Carlsberg@brunswickgroup.com
|
Tel: +45 2219 1221
Tel: +44 (0)20 7404 5959
|
Nomura International
plc
Adrian Fisk
Henry Phillips
Oliver Donaldson
|
Tel: +44 (0)20 7102 1000
|
Baker McKenzie LLP is retained as
legal adviser to Carlsberg.
|
|
Important Notice
Nomura International plc ("Nomura"),
which is authorised by the Prudential Regulation Authority and
regulated by the Prudential Regulation Authority and the Financial
Conduct Authority in the United Kingdom, is acting as financial
adviser to Carlsberg and no one else in connection with the matters
set out in this announcement and Nomura, its affiliates and its
respective officers, employees, agents, representatives and/or
associates will not regard any other person as their client, nor
will they be responsible to anyone other than Carlsberg for
providing the protections afforded to clients of Nomura nor for
giving advice in relation to any matter or arrangement referred to
in this announcement.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any
person who is interested in 1% or more of any class of relevant
securities of an offeree company or of any securities exchange
offeror (being any offeror other than an offeror in respect of
which it has been announced that its offer is, or is likely to be,
solely in cash) must make an Opening Position Disclosure following
the commencement of the offer period and, if later, following the
announcement in which any securities exchange offeror is first
identified. An Opening Position Disclosure must contain details of
the person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree
company and (ii) any securities exchange offeror(s). An Opening
Position Disclosure by a person to whom Rule 8.3(a) applies must be
made by no later than 3.30 pm (London time) on the 10th business
day following the commencement of the offer period and, if
appropriate, by no later than 3.30 pm (London time) on the 10th
business day following the announcement in which any securities
exchange offeror is first identified. Relevant persons who deal in
the relevant securities of the offeree company or of a securities
exchange offeror prior to the deadline for making an Opening
Position Disclosure must instead make a Dealing
Disclosure.
Under Rule 8.3(b) of the Code, any
person who is, or becomes, interested in 1% or more of any class of
relevant securities of the offeree company or of any securities
exchange offeror must make a Dealing Disclosure if the person deals
in any relevant securities of the offeree company or of any
securities exchange offeror. A Dealing Disclosure must contain
details of the dealing concerned and of the person's interests and
short positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any
securities exchange offeror(s), save to the extent that these
details have previously been disclosed under Rule 8. A Dealing
Disclosure by a person to whom Rule 8.3(b) applies must be made by
no later than 3.30 pm (London time) on the business day following
the date of the relevant dealing.
If two or more persons act together
pursuant to an agreement or understanding, whether formal or
informal, to acquire or control an interest in relevant securities
of an offeree company or a securities exchange offeror, they will
be deemed to be a single person for the purpose of Rule
8.3.
Opening Position Disclosures must
also be made by the offeree company and by any offeror and Dealing
Disclosures must also be made by the offeree company, by any
offeror and by any persons acting in concert with any of them (see
Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror
companies in respect of whose relevant securities Opening Position
Disclosures and Dealing Disclosures must be made can be found in
the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of
relevant securities in issue, when the offer period commenced and
when any offeror was first identified. You should contact the
Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are
in any doubt as to whether you are required to make an Opening
Position Disclosure or a Dealing Disclosure.
Publication on Website
A copy of this announcement will be
made available subject to certain restrictions relating to persons
resident in restricted jurisdictions on the Carlsberg websites at
www.carlsberggroup.com and by no later than 12 noon (London time)
on the business day following the date of this announcement. The
content of these websites are not incorporated into and do not form
part of this announcement.
Overseas Jurisdictions
The release, publication or
distribution of this announcement in jurisdictions other than the
United Kingdom and Denmark may be restricted by law and therefore
any persons who are subject to the laws of any jurisdiction other
than the United Kingdom and Denmark should inform themselves about,
and observe any applicable requirements. This announcement has been
prepared for the purposes of complying with English law and the
Code as well as the obligations of Carlsberg pursuant to the Market
Abuse Regulation (EU) 596/2014 (MAR) and the information disclosed
in this announcement may not be the same as that which would have
been disclosed if this announcement had been prepared in accordance
with the laws of jurisdictions outside the United Kingdom or
Denmark.
This announcement is not for
publication or distribution, directly or indirectly, in or into the
United States of America. This announcement is not an offer of
securities for sale into the United States. The securities referred
to herein have not been and will not be registered under the U.S.
Securities Act of 1993, as amended, and may not be offered or sold
in the United States, except pursuant to an applicable exemption
from registration. No public offering of securities is being made
in the United States.
Forward-looking statements
This announcement contains certain
"forward-looking statements" including statements regarding our
intent, belief, or current expectations with respect to Carlsberg's
business and operations, market conditions, results of operations
and financial condition, and risk management practices. The words
"likely", "expect", "aim", "should", "could", "may", "anticipate",
"predict", "believe", "plan", "forecast" and other similar
expressions are intended to identify forward-looking statements.
Indications of, and guidance on, future earnings, anticipated
production, life of mine and financial position and performance are
also forward-looking statements. These forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause Carlsberg's actual results, performance and
achievements or industry results to differ materially from any
future results, performance or achievements, or industry results,
expressed or implied by these forward-looking statements. Relevant
factors may include (but are not limited to) changes in commodity
prices, foreign exchange fluctuations and general economic
conditions, increased costs and demand for production inputs, the
speculative nature of exploration and project development,
including the risks of obtaining necessary licences and permits and
diminishing quantities or grades of reserves, political and social
risks, changes to the regulatory framework within which Carlsberg
operates or may in the future operate, environmental conditions
including extreme weather conditions, recruitment and retention of
personnel, industrial relations issues and litigation.
Forward-looking statements are based on Carlsberg's good faith
assumptions as to the financial, market, regulatory and other
relevant environments that will exist and affect Carlsberg's
business and operations in the future. Carlsberg does not give any
assurance that the assumptions will prove to be correct. There may
be other factors that could cause actual results or events not to
be as anticipated, and many events are beyond the reasonable
control of Carlsberg. Readers are cautioned not to place undue
reliance on forward-looking statements, particularly in the
significantly volatile and uncertain current economic climate.
Forward-looking statements in this document speak only at the date
of issue. Except as required by applicable laws or regulations,
Carlsberg does not undertake any obligation to publicly update or
revise any of the forward-looking statements or to advise of any
change in assumptions on which any such statement is based. Except
for statutory liability which cannot be excluded, each of
Carlsberg, its officers, employees and advisors expressly disclaim
any responsibility for the accuracy or completeness of the material
contained in these forward-looking statements and excludes all
liability whatsoever (including in negligence) for any loss or
damage which may be suffered by any person as a consequence of any
information in forward-looking statements or any error or
omission.