Heineken clears hurdle to buy APB
IOL Business - Sep 19th 2012, 07:44
Singapore - A Thai rival on Wednesday vowed to back Dutch giant Heineken's takeover of major Asian brewer APB, defusing a potential clash ahead of a Singapore conglomerate's meeting on the issue.
Thai Beverage and TCC Assets, both controlled by tycoon Charoen Sirivadhanabhakdi, said in a joint statement with Heineken that they will support the Dutch firm's bid to gain control of Asia-Pacific Breweries.
Heineken already owns 42 percent of Singapore-based APB and offered to take over the 40-percent stake held by APB's parent company Fraser and Neave (F&N), a diversified group that is 30-percent controlled by the Thai firms.
In Wednesday's joint statement to the Singapore Exchange, Heineken said it “irrevocably undertakes not to make a general offer” for F&N.
The Thais' surprise offer last week to buy all of F&N had cast doubt on Heineken's takeover of APB, which is to be decided at an extraordinary general meeting of F&N shareholders on September 28.
APB, the crown jewel of F&N, makes Tiger Beer and other popular Asian brands, while Thai Beverage makes Chang Beer. - Sapa-AFP
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