By Hayley Millar BBC Scotland business correspondent

McEwan's has a long brewing tradition in Scotland

But in business, what goes around often comes around.

Three months after Carlsberg first declared an interest in the UK's biggest brewer, it has finally secured its prize.

Scottish and Newcastle didn't give in easily.

Its recently appointed chief executive John Dunsmore put up a good defence.

S&N's share price was languishing around 600p before Carlsberg's attention, so to reject three offers and hold out for 800p a share was a bold move, but one which has given value to the brewer's shareholders.

Carlsberg and its takeover partner Heineken will split the Scottish and Newcastle business between them.

Russian business

Carlsberg will acquire S&N's 50% stake in BBH to get full control of the brewer of Baltika beer in the former Soviet Union, and also S&N's interests in France, Greece and China.

Heineken will take over S&N's UK business, which includes Strongbow cider and John Smith's beer, along with its operations in other European markets such as Belgium and Portugal, plus its United States and India businesses.

For Carlsberg, the Russian business is the jewel in S&N's crown.

Compared to the UK and Europe, Russia has a lucrative and growing beer market and Carlsberg can see the potential here.

The deal comes as brewers attempt to cut costs against a background of rising prices for barley and aluminium.

In brewing the best way to find synergies is on a global level.

Carlsberg's chief executive said they had created the world's fastest growing global brewer

No wonder that Carlsberg's chief executive Jorgen Buhl Rasmussen said that "in a single step we have created the world's fastest growing global brewer".

The deal brings 250 years of Scottish brewing to a close.

Scottish Brewers was formed in 1931, with the merger of two of Scotland's best known names in brewing, Younger and McEwan.

Thirty years later, another merger, swallowed a Tyneside rival and Scottish and Newcastle was formed.

By the mid-eighties, S&N was a regional brewer focused on Scotland and the North of England.

Beer brands

But a decade later, a deal to buy Scottish Courage made it the UK's number one, propelled by brands such as Foster's and Kronenbourg.

Having cracked the UK market, Europe was next.

Over the past six or seven years, Scottish and Newcastle has become a truly international company, owning beer brands such as Kronenbourg, Kingfisher and Baltika.

But the consolidator has now become the victim of consolidation.