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.
Mr Charoen gained the upper hand in the takeover battle after rival Overseas Union Enterprise Ltd failed to match his offer last month. OUE, a Singapore-based property company, had enlisted Kirin in its November bid, which failed.