Heineken nears Tiger beer deal after ThaiBev nod
- Sreesanth, Jiju Janardhan lived in independently booked rooms: Cops
- India to convey concerns over Ladakh incursion to Chinese Premier
- IPL 2013 LIVE SCORE: Maxwell falls early in stiff run-chase
- Narendra Modi: India losing sheen as agricultural nation
- Rajapaksa slams Tamil diaspora for lack of support in reconciliation process
Dutch brewer Heineken NV took a major step towards winning control of the Tiger beer brand and an Asian brewing network after securing acceptance from a Thai billionaire who had been perceived for weeks as a spoiling rival.
Charoen Sirivadhanabhakdi's Thai Beverage PCL and TCC Assets agreed to support the sale of Singapore conglomerate Fraser and Neave's stake in Tiger beer maker Asia Pacific Breweries to Heineken. In return, the world's third-largest brewer will not make a general offer for shares in F&N, according to a joint statement by the Thai companies and Heineken.
After two months of competing offers for APB, the Thais and the Dutch brewer ended their stand-off. Heineken now appears on course to take full control of APB and protect its turf in Asia's fast-growing beer market.
"This is settlement talk, to prevent any further escalation of the fight for F&N or APB, which will cost more for both parties if it goes on," said Goh Han Peng, an analyst at DMG & Partners Securities in Singapore. "Heineken would henceforth be able to complete consolidating APB. ThaiBev would get the balance of the F&N business and give it to a platform or distribution channel to regional markets in Southeast Asia."
F&N's board has backed the deal and its shareholders are due to vote on the proposed sale of its 40% stake in APB to Heineken at an extraordinary general meeting (EGM) on September 28. "With ThaiBev's support, there is much certainty that the sale of APB assets will be approved at the EGM," said a source with knowledge of the matter. "But the future of F&N will depend on who will be the ultimate owner of the company."
F&N's other shareholders such as Japan's Kirin Holdings Co Ltd (2503.T) will wait for the "fairness opinion" of an independent financial adviser before they decide whether to sell their stakes to Charoen, another source said, declining to be identified because the details of the matter were confidential.
- Destitute, orphan students outclass rest in Andhra Class 10 exams
- To re-energise ties, PM wants to visit US, waits for confirmation
- NIA court says no terror link, frees 'Hizbul militant' Liyaqat on bail
- CBI arrests its coal allotments investigator on bribery charge
- ‘Cricketer-bookie Amit may have used Jiju to reach Sree’
- BCCI chief N Srinivasan says police must prove spot-fixing allegations