Carlsberg's share fell from the mountain

Investors think at 800 pence, the S&N transaction would be to much.

Carlsberg A/S, the Danish brewer jointly bidding for Scottish & Newcastle Plc, fell to a 13-month low in Copenhagen trading on speculation that the company may have to borrow more to finance the proposed offer. Carlsberg and Dutch brewer Heineken NV yesterday increased their proposed bid for S&N to 800 pence a share, the third time they have raised the offer since an initial 720 pence-a-share approach in October.