Surprise delay to Britvic-Barr deal

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There was a hiccup in the £1.3bn fizzy drinks merger between Britvic and AG Barr yesterday when the companies asked for more time to iron out the terms.

The City Takeover Panel had given the parties until 5pm yesterday to confirm the deal, but both sides said they needed longer, raising some eyebrows and perhaps increasing the chances of a rival bid for Britvic emerging.

Under the deal, shareholders in Britvic would own 63 per cent of the combined company with Barr investors taking the rest.