Bass sells interests in Carlsberg-Tetley

Bass sells interests in Carlsberg-Tetley

Bass, the brewing and leisure group, has exercised and completed its option to sell all of its interests in brewer Carlsberg-Tetley to Denmark's Carlsberg for pounds 110m in cash. Bass exercised the option following a decision by Margaret Beckett, President of the Board of Trade, to block its proposed merger with Carlsberg-Tetley. Under the terms of the merger agreement signed between Bass and Allied Domecq in 1996, Bass said it had also asked Allied to return pounds 30m paid by Bass for Allied's stake in Carlsberg- Tetley.