New Singapore firm bids to buy F&N
- Published: 16 Nov 2012 at 10.49
- Online news:
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.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.