The £1.5bn merger of Britvic and AG Barr was thrown into jeopardy this week after it was referred to the Competition Commission. The deal lapsed on Wednesday as a result of the decision by the OFT, which said the merger could reduce competition for Irn-Bru and Orangina.

“The OFT decision is frustrating, but both parties are confident there is no case to answer,” said AG Barr financial adviser Akeel Sachak, global head of Rothschild’s consumer team.

Meanwhile, Britvic GB MD Simon Litherland has been promoted to CEO immediately. Outgoing CEO Paul Moody had been due to retire on the completion of the merger.