Heineken target APB, F&N shares halted ahead of announcement
UPDATED @ 08:28:51 AM 17-08-2012
SINGAPORE, Aug 17 — Singapore’s Asia Pacific Breweries (APB), which Dutch brewer Heineken is trying to take full control of, and Fraser and Neave (F&N) have requested that trading in their shares be suspended pending an announcement.
No further details were given.
Drinks and property conglomerate F&N controls around 40 per cent of Tiger Beer maker APB.
Heineken’s US$6 billion (RM18.8 billion) offer for the 58 per cent of APB that it does not own is being challenged by Thai billionaire Charoen Sirivadhanabhakdi.
Thai Beverage, which Charoen controls, recently became F&N’s largest shareholder with 26.4 per cent. Charoen’s son-in-law has also offered to buy F&N’s direct 7.3 per cent stake in APB by paying S$55 (RM137.58) a share, beating Heineken’s S$50 a share offer.
F&N’s board of directors has agreed to sell the firm’s 40 per cent interest in APB to Heineken but the deal is subject to shareholder approval.
Japanese brewer Kirin, which owns around 15 per cent of F&N, has to date not indicated whether it is agreeable to the sale of the Singapore conglomerate’s interest in APB to its Dutch rival. — Reuters