New Singapore firm bids to buy F&N | Bangkok Post: breakingnews

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New Singapore firm bids to buy F&N

Overseas Union Enterprise Ltd (OUE), a Singapore real-estate company, is leading a S$13.1 billion (US$10.7 billion) counterbid for Fraser & Neave Ltd, challenging Thai billionaire Charoen Sirivadhanabhakdi's efforts to buy the company.

OUE's offer of S$9.08 per share trumps Charoen's bid of S$8.88 a share. The billionaire agreed to buy a stake in F&N in July, setting off a fight for the 129-year-old conglomerate with assets spanning from soft-drinks to property.

Charoen's initial move set off a race for F&N's assets, with Heineken NV (HEIA) winning control of the company's beer unit in a deal that closed yesterday. The OUE-led group includes Kirin Holdings Co, Japan's largest drinks maker and F&N's second-largest shareholder, which is seeking to buy F&N's food and beverage business for S$2.7 billion.

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