Thursday, January 31, 2013

Thai tycoon wins control of Singapore's Fraser and Neave

SINGAPORE, Jan 30 (Reuters) - Thai billionaire Charoen

Sirivadhanabhakdi has raised his stake in Fraser and Neave Ltd

(F&N) to more than 50 percent, turning his offer to

buy the rest of the Singapore property and drinks conglomerate

unconditional.

Thailand's third-richest man now holds a near 51 percent

stake in F&N through TCC Assets Ltd and Thai Beverage PCL

after buying more shares in the open market, according

to a stock market filing late on Wednesday.

Charoen, whom Forbes estimates to be worth $6.2 billion, is

now set to take full control of the 130-year-old company in

Southeast Asia's biggest acquisition.

The tycoon had increased his offer for F&N shares he does

not own to S$9.55 a share, valuing the company at S$13.75

billion ($11.2 billion) and trumping a rival bid from a group

led by Singapore-listed property firm Overseas Union Enterprise

Ltd.

F&N shareholders have until Feb. 18 to accept or reject the

offer.

Thai Beverage shares jumped 8 percent to a record S$0.535 in

Singapore trading on Wednesday as traders expect the F&N

acquisition to boost the company's growth. F&N's shares last

traded at S$9.56.

Charoen is likely to tap F&N's network in Singapore and

Malaysia to distribute Chang Beer, brewed by Thai Beverage, as

well as spirits, energy drinks and instant coffee. In Thailand,

where he already has an edge, Charoen may in turn market F&N's

brands.

F&N's board of directors said on Tuesday they will step down

to make way for Charoen to have a greater say in the Singapore

company's future.

Source: http://news.yahoo.com/thai-tycoon-wins-control-singapores-fraser-neave-154328308--sector.html

kyle williams florida debate rand paul mark kirk florida gop debate freddie mac kristin cavallari

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.