FSA begins investigation into leak of falsified Interbrew documents

The financial Services Authority is investigating the case of the leaked falsified documents relating to a possible bid by the Belgian brewer Interbrew for South African Breweries.

Britain's "super-regulator", which took on its powers after the leak had taken place, is conducting a preliminary investigation into potentially criminal offences related to misleading statements and practices. This could include an examination of dealings in SAB shares ahead of the leaks. The Takeover Panel was originally looking at the matter but as the case is no longer bound by takeover rules it has passed the case to the FSA.

Separately, Interbrew has filed a criminal complaint at the Brussels Court of Justice over the leak. It has lodged a claim for civil damages "against a person or persons unknown for theft of document, falsification of document and market manipulation". Interbrew, under its chief executive Hugo Powell, said it was "vigorously" pursuing its investigation into the leak and is still co-operating with the authorities, including the London and Brussels stock exchanges.

After the leak, Interbrew acknowledged it had been considering a possible bid for South Africa's biggest brewer, but said its analysis was at a preliminary stage. Last week, it emerged that Interbrew will not be barred under Takeover Panel rules from making a bid for SAB within six months because of the "unusual circumstances" surrounding the leak.

The leaks have put the spotlight on the brewing sector, which was already awash with rumours of consolidation. SAB has since said it is pursuing a strategy of expanding in emerging markets. Scottish & Newcastle, the maker of John Smith's and Kronenbourg, said it does not need a deal but is keen on alliances that will help it grow in Western Europe.