F&N bidding war climaxes | Bangkok Post: business

SINGAPORE - Thailand's richest man and a rival group are facing an unprecedented auction over Fraser & Neave Ltd. in the escalating takeover battle for the 130-year-old company's property and drinks businesses. SINGAPORE - Thailand's richest man and a rival group are facing an unprecedented auction over Fraser & Neave Ltd. in the escalating takeover battle for the 130-year-old company's property and drinks businesses.

Thai billionaire Charoen Sirivadhanabhakdi's TCC Assets raised its bid last Friday to S$9.55 (241 baht) a share, topping a Nov 15 offer of S$9.08 a share from a group led by Overseas Union Enterprise Ltd (OUE). The OUE group hasn't issued a public response.

At stake is a Singapore-based company with businesses ranging from beverages and shopping malls to apartment projects across Southeast Asia. The Securities Industry Council, Singapore's regulator, has said it will order an auction if neither company said its bid was final by Monday.