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Kirin to sell F&N stake to Charoen

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TOKYO - Kirin Holdings Co, Japan's largest beverage company, has agreed to sell its 14.8% stake in Fraser & Neave Ltd to Charoen Sirivadhanabhakdi for S$2 billion (48 billion baht). 

Kirin will sell the shares no later than Feb 14, according to a statement to the Tokyo Stock Exchange on Friday. Mr Charoen's TCC Assets this week gained a majority stake in F&N after making an offer on Jan 18 than valued the 130-year-old property and beverage company at S$13.8 billion.

Tokyo-based Kirin's agreement to sell the stake takes Charoen closer to winning full control of the company. F&N has assets from soft drinks to serviced apartments across Southeast Asia.

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