Jorgen Buhll Rasmussen, Carlsberg’s chief executive, would have been shivering in Denmark following news that his hard-fought deal to buy Scottish & Newcastle was almost wiped out by a higher offer from SABMiller.

Relations between S&N and Carlsberg became decidedly frosty last year after the Danish brewer surprised its British partner by teaming up with Heineken to buy S&N and split it up.