SINGAPORE: Asia Pacific Breweries and Fraser & Neave shares suspended
The Tiger brewer requested trading in its shares be halted
Trading in shares of Asia Pacific Breweries and Fraser & Neave have been suspended amid rumours of Heineken planning to raise its bid for the Tiger brewer.
In separate statements released to the Singapore Stock Exchange this morning (17 August), APB and F&N said they were halting trading "pending the release of an announcement".
It came as reports suggested that Heineken is looking to raise its bid for F&N's stake in APB from its offer of about SGD5.1bn (US$4.09bn), at SGD50 per share. The new bid could be up to 10% higher and be dependent on F&N not accepting a partial bid from ThaiBev, sources told Reuters.
Heineken and F&N jointly own Asia Pacific Investment Pte Ltd, which holds about 65% of APB. Independently, Heineken owns about 9.5% of APB, while F&N has about 7.3% of APB.
F&N is also considering an offer from Kindest Place Groups, a company with links to ThaiBev, for its 7.3% direct stake in APB. This week Kindest Place extended the deadline for its offer, currently SGD5 per share higher than Heineken's, until next Friday (24 August).
Other sources told Reuters that Heineken could just match Kindest Place's offer of SGD55 per share.
Earlier this week, Chang brewer ThaiBev also upped its stake in F&N to 26.2%, as it seeks to have a final say on whether the Singaporean conglomerate accepts Heineken's offer.
A Heineken spokesperson told just-drinks: "As communicated to the market, over the past few weeks we have continued our talks with F&N. We're not commenting on the current market rumours and speculation."
Heineken has a "low appetite" for China's mainstream beer sector and will continue to concentrate on the premium end of the market, the head of the Dutch brewer has said....
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