Carlsberg & Heineken have stepped up their battle for rival brewer Scottish & Newcastle with an increased bid of 750p-a-share in cash.

It follows their 720p-a-share bid for S&N last month - a move that S&N described as “unsolicited and derisory” and “an effort to get S&N's unique portfolio of businesses on the cheap”.

The proposed bid was “a full and fair offer price” for S&N, Carlsberg and Heineken said in a statement, valuing the group at an equity value of £7.3bn and an enterprise value of around £9.7bn.

“The increased proposal represents a very attractive opportunity for S&N shareholders to obtain a price which is materially higher than the standalone value of the group,” said Jean-Francois van Boxmeer, chairman and CEO of Heineken.

"The consortium looks forward to the opportunity to meet with the S&N Board to progress to announcing a full recommended offer as soon as practicable."

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