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Who will toast victory in the brewing beer wars?

IF IT materialises, it promises to be the most bitter battle for control of a major Scottish company in a very long time. After many months of speculation, Danish and Dutch brewing groups Carlsberg and Heineken have signalled they intend to mount a consortium bid to break up the Edinburgh-headquartered Scottish & Newcastle, the UK's largest beer producer. Price tags as high as £10bn are already being touted round a drooling City.

IF IT materialises, it promises to be the most bitter battle for control of a major Scottish company in a very long time.