The announcement expected today that Scottish & Newcastle is to be taken over by Heineken and Carlsberg in a £10 billion deal is remarkable, given the crisis that has engulfed global financial markets. While a counterbid by the likes of Anheuser-Busch or SABMiller cannot be ruled out, it looks likely that Heineken will become Britain’s biggest brewer.

In this era of increasing globalisation, a Dutch takeover of British brands, such as John Smith’s bitter and Strongbow cider, will cause few to shed a tear. S&N has benefited from the consolidation that has swept the international brewing sector in recent years, swallowing brands such as Kronenbourg, Foster’s and Baltika.

But it is rather sad to reflect that Britain’s big four brewers will all shortly be under foreign ownership: Heineken, Molson Coors (America), InBev (Belgium) and Carlsberg (Denmark). Names such as Bass, Whitbread, Allied Breweries and now S&N will soon be little more than footnotes in Britain’s once-proud brewing history.

But the industry need not spend too long crying into its beer. As Heineken’s British operation is little more than a small import business, there is little overlap which, in turn, should mean that S&N’s UK business, including thousands of jobs, is retained largely intact.

S&N’s board and senior management could soon be looking for new jobs, although it is unlikely that John Dunsmore, the chief executive, will have any trouble finding a new employer.

Even though he took up the reins only on November 1, he managed to put together an impressive defence. The “all options are open” strategy he outlined was bold and imaginative and caught S&N’s rather staid continental suitors on the hop.

The extra 80p he coaxed out of the bidding consortium is worth about £800 million to his investors, and more than £1.5 billion has been added to S&N’s value before the bidders first declared their hand.

Sad though it is to be calling last orders on our last British-owned national brewer, shareholders ought to raise their glasses to Dunsmore’s success in ensuring that it is being sold for such a premium price.

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive