Carlsberg has insisted it has the funding in place to make a joint offer with Heineken for Scottish & Newcastle, as the deadline looms for the brewers to make their offer or walk way.

Reports had suggested Lehman Brothers, the investment bank arranging financing for Carlsberg, had concerns about how Carlsberg would refinance a bridging loan following sharp declines in the equity markets.

However, Carlsberg's banks Lehman Brothers, BNP Paribas, Danske Bank and Nordea have guaranteed to provide Carlsberg with a bridging loan of DKr31bn (£3.1bn) ahead of a planned rights issue later this year, according to The Times.

Analysts remained confident Carlsberg and Heineken would make their offer by today's noon deadline: “We believe that all parties remain committed to the deal and that an agreement will be reached,” said Matthew Webb, an analyst at Cazenove.