Heineken to restate S&N accounts

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    Date: Monday 07 Jul 2008

    LONDON (ShareCast) - Dutch firm Heineken confirmed that it plans to restate accounts for newly acquired Scottish & Newcastle, saying it is more conservative than its British rival in its accounting method.

    A spokeswoman for the firm said Heineken, which acquired S&N earlier this year, aims to inform the market of any relevant changes at the end of August.

    Today’s comments followed a weekend press report saying that Heineken is set to restate profits for S&N by as much as 10% after finding discrepancies in the firm’s accounts.

    The Sunday Telegraph said Heineken is believed to be still studying the accounts and has not yet put a figure on the scale of the restatement, adding that there is no suggestion that S&N acted outside accounting regulations.

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