THE American company behind Budweiser beer, Anheuser-Busch, is this weekend examining whether to launch a last-ditch counter-offer for Scottish & Newcastle, Britain’s biggest brewer.

The St Louis-based company, the world’s third-largest beermaker, has been studying financial data on S&N, which agreed a £7.8 billion bid from its European rivals Carlsberg and Heineken on January 25.

It is likely to come under pressure from the Takeover Panel, the watchdog that monitors bid activity on the London market, to clarify its intentions.

SAB Miller, maker of Peroni, confirmed last week it would not make a counter-bid for S&N after several weeks of talks.

Last night, Anheuser declined to comment. However, the company is thought to be seeking opportunities to expand away from its US heartland, with emerging markets such as Russia – where S&N has a strong presence through a joint venture – seen as particularly attractive.

Some analysts think it is more likely Anheuser will look to pursue a merger with InBev, the Belgian brewer that makes Stella Artois. One said: “This is Anheuser’s last opportunity to break into this takeover.

“A lot is at stake and the biggest hurdle for Anheuser is to take control of S&N’s Russian joint venture BBH.”

Carlsberg and Heineken’s attempt to acquire S&N has at times proved acrimonious.

They had to raise their bid three times before securing a recommendation from the Scottish company’s board.

Their initial offer was pitched at 720p per share, but a deal was not agreed until they reached 800p. S&N has made it clear it would be open to a higher, rival offer.

Meanwhile, it has emerged that John Dunsmore, chief executive of S&N, was granted a 70% pay rise to £815,000 a fortnight before the Carlsberg and Heineken offer was agreed.

The details of the hike in his basic pay are contained in an offer document sent to S&N’s shareholders this weekend.

The company defended the increase, arguing that Dunsmore, who succeeded Tony Froggatt last October, had been doing the chief executive’s job while on a deputy’s salary since taking over.

His new contract did not get signed until January, it said, because he was busy defending the group against the bid.

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