The Champagne will be flowing in Amsterdam today

The Champagne will be flowing in Amsterdam today

The shareholders of Fraser & Neave have voted in favour of Heineken's proposed takeover of their Asia Pacific Breweries joint venture.

An EGM in Singapore earlier today (28 September) saw the conglomerate's shareholders approve Heineken's offer for F&N's holding, which will cost the Dutch brewer SGD5.6bn (US$4.57bn). Heineken's CEO, Jean-François van Boxmeer, welcomed the vote and thanked F&N's board for supporting the bid.

"I am pleased that F&N's shareholders have voted in favour of our offer for APB and been able to realise full value from their investment,” said van Boxmeer. “Once completed, this transaction will further increase Heineken's financial and geographic exposure to emerging markets and strengthen our competitive position in one of the most exciting regions in the world. Our regional headquarters will remain in Singapore with the Heineken and Tiger brands at the heart of our portfolio.

“We are now ideally positioned to expand our presence across the region and create long-term financial and strategic value for our shareholders.”

Heineken will be breathing a sigh of relief today, after a protracted bid process that at one point pitched the brewer against ThaiBev, which currently holds a 31% stake in F&N. The Thai company, which has lodged a bid to take over F&N, only gave its blessing to Heineken's APB bid last week.

APB will be fully consolidated into Heineken's accounts upon completion, which is expected to occur in November.

To read Heineken's official statement, click here.