So the phoney war is over and battle is about to commence. After more than six months of, at times, fevered speculation, bid interest for Scottish & Newcastle has finally been confirmed.

Although Heineken and Carlsberg had both been mooted as possible suitors during that period, a joint bid from two of Europe's best-known brewers had never been mentioned. But the combination makes perfect sense from a competition standpoint.

Carlsberg could never have got away with swallowing S&N's British business, whereas its Dutch partner's withdrawal from the mainstream lager market four years ago to focus on its premium-strength core brand means there will be no issue for the Office of Fair Trading.

By the same token, Heineken would have struggled with acquiring S&N's market-leading French business, whereas the Danish brewer should have no problem.

The joint bid comes at a time when S&N's fortunes have suffered something of a dip.

Although the company's whole approach has been transformed under Tony Froggatt's four-year tenure as chief executive, the past few months have proved difficult. The combination of the dire summer weather, the smoking ban and a continued drift away from beer by consumers has hurt its core UK division, while a solution to the knotty problem of turning around its mature Kronenbourg business in France seems to have escaped even Mr Froggatt's undoubted talents.

The recent announcement that Mr Froggatt would be leaving somewhat earlier than most people had expected was read by observers in a number of different ways.

Some reckoned that investors, while recognising his contribution, were getting a little impatient for more tangible evidence of the improvements he had made. Others opined that his replacement, John Dunsmore, head of the group's Western Europe division, was being fast-tracked to prepare the defences against possible predators.

The former analyst has certainly made no secret of his poor opinion of Carlsberg's UK business and he will not want to see his own ambitions thwarted even as he is about to take up the reins from Mr Froggatt.

Although Mr Dunsmore may well marshall his forces for a strong defence, the fact remains that S&N inhabits a tricky market position.

While it has in recent years grown from being Britain's biggest brewer into an international force, it has a long way to go to become a truly global brewer like SABMiller, InBev or indeed Heineken. Carlsberg is in the same position, which is one of the reasons the two have so often been tipped as bedfellows.

For that reason, a successful outcome is more important to Carlsberg than to Heineken.

Even more importantly perhaps, a joint bid would allow the Danish brewer to assume full control of its Baltic Beverages Holding joint venture. Russia is one of the world's most dynamic beer markets and BBH is crucial to the future of the maker of "probably the best lager in the world". It will be desperate not to let the opportunity to secure that position slip away.

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