HIGHLAND Distilleries yesterday announced it had launched a takeover bid for Macallan Glenlivet as part of plans to consolidate its interest with Suntory of Japan to form a new joint venture company. Highland, based in Glasgow, said it was offering 152.5p a share for the 49 per cent of Macallan Glenlivet not already owned by itself or Suntory, valuing the company as a whole at £180 million sterling.

Highland and Suntory, which owns 25.2 per cent of the company, plan to consolidate their interests in a joint venture firm, to be known as HS Distillers, to develop the Macallan business and brand.