13 September 2012

Thailand's TCC makes US$7.2b bid to buy F&N

SINGAPORE - A group linked to Thai billionaire Charoen Sirivadhanabhakdi made a US$7.2 billion cash offer to take over Fraser and Neave Ltd, two weeks ahead of a crucial shareholder vote on Heineken NV's separate offer for F&N's key beer business.
The offer came after Thai Beverage PCL and TCC Assets, the vehicle linked to the billionaire, increased their combined stake in F&N to 30.36 per cent, according to a stock filing to the Singapore Exchange.
Under Singapore law, a bidder has to make a mandatory offer for a company if it buys a 30 per cent stake.
"We believe the offer represents an opportunity for F&N shareholders to realise the value of their investment in cash and to make a complete exit from F&N," said Thapana Sirivadhanabhakdi, ThaiBev's president and chief executive officer, in a statement on Thursday.
TCC assets offered to buy the rest of F&N for S$8.88 a share, the same price ThaiBev paid to buy a 22 per cent stake in F&N from Singapore's Oversea-Chinese Banking Corp in mid-July. It represents a premium of 4.3 per cent to F&N's last traded price.
The offer could complicate Heineken's US$6.3 billion bid for Asia Pacific Breweries Ltd, in which F&N has a 40 per cent stake. F&N shareholders will vote on the proposed sale of the APB stake to Heineken on Sept. 28.
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