SINGAPORE: Fraser & Neave drops Heineken soft drinks non-compete clause
Heineken took full control of APB last year
Fraser & Neave has agreed to drop a clause in an agreement with Heineken that has prevented the brewer from selling soft drinks in Singapore, following a competiton probe.
The condition was included when Heineken moved to acquire F&N’s 50% stake in Asia Pacific Breweries last year. The non-compete clause was due to expire in November 2014, but F&N has agreed to cancel it a year early.
The move, announced in a filing today (4 November), came about after a “mutual agreement” between F&N and the Competition Commission of Singapore (CCS).
The commission said today that it had started an investigation into the clause in January this year. But now that F&N has acted, it said it has stopped its probe, but “will continue to closely monitor market practices in the local soft drinks market”.
It added: "For the avoidance of doubt, F&N’s voluntary undertaking was not an admission of liability on its part, and CCS ceased the aforementioned investigation without a finding of liability against both F&N and Heineken.”
F&N noted that it is "unaware of any plans by Heineken to carry out any soft drinks business activities in Singapore".
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