SINGAPORE--A Thai billionaire has moved to build his stake in
Fraser & Neave Ltd. (F99.SG) by purchasing additional shares,
in a move that strengthens his hand in potentially unsettling
Heineken NV's (HEIA.AE) plan to take over a prized joint venture
with F&N that makes Tiger beer.
The billionaire's stake purchase on Thursday came after his
affiliated companies launched a US$7.2 billion takeover bid for
F&N. The move gives the Thai tycoon, Charoen Sirivadhanabhakdi,
already F&N's single biggest shareholder, more voting power to
potentially block Heineken's bid for F&N's stake in APB.
F&N shareholders are due to meet Sept. 28 to vote on
Heineken's bid.
TCC Assets Ltd., a vehicle controlled by Mr. Charoen, on
Thursday bought an additional 4.2 million F&N shares, or 0.3%
of the company, at between 8.70 Singapore dollars (about US$7.12)
and S$8.88 apiece, the Thai firm said Friday in a filing to the
Singapore Exchange.
The move brings Mr. Charoen's stake in F&N, held through his
Singapore-listed brewer Thai Beverage PCL (Y92.SG) and TCC Assets,
to 30.66%. TCC Assets didn't state exactly how much it paid for the
shares.
Mr. Charoen's takeover offer for F&N, announced Thursday
before the market's open, values F&N at S$12.53 billion
(US$10.2 billion).
Heineken last month bid US$4.5 billion to buy out F&N's
39.7% stake in APB, one of Asia's most profitable beer businesses.
APB has 30 breweries and 40 brands spanning 14 Asian countries. It
also brews Heineken beer for some markets in the region.
On Friday, Heineken said it has built its direct stake in APB to
14.21% after buying on Thursday 642,000 shares, or 0.25% of the
company, at S$53 apiece. The Amsterdam-based firm also has an
indirect stake of 32.4% in Asia Pacific Breweries, held through its
50/50 joint venture with F&N.
Write to Chun Han Wong at chunhan.wong@dowjones.com
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