SINGAPORE: Government body intervenes in Fraser & Neave battle
The F&N bidding war looks set to reach its conclusion
TCC Assets and Overseas Union Enterprise (OUE) face an auction unless they can resolve their bidding war over Fraser & Neave, a government watchdog has warned.
The two companies have extended the deadlines on their offers for the Singapore conglomerate multiple times in recent weeks. Initially, ThaiBev-controlled TCC Assets launched a SGD9bn (US$7.36bn) all-cash offer for F&N in October. But OUE, a Singapore-based property group, topped that offer with a SGD13.1bn (US$10.7bn) bid in November.
However, Singapore’s Securities Industry Council (SSIC) yesterday (15 January) intervened in the situation. It said the latest time for a “revised” offer is this Sunday (20 Sunday). After this, if the situation is not resolved an “auction procedure” will kick-in, the SSIC said.
Explaining its move, the watchdog said: "Given that neither TCC nor OUE has declared its offer final, such that either offer may be increased or otherwise revised, the council considers that the company’s shareholders should be provided with certainty to make their investment decisions in respect of the competing offers.”
If the OUE bid is successful, Kirin Holdings has agreed to acquire F&N's food and beverage business for SGD2.7bn.
Alcoholic Drinks in Australia industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2007-11, and forecast to 2016)....
- Cuba-US Normalisation: Bacardi, Pernod Winners?
- Comment - The Appeal and Perils of Craft
- Review of the Year 2014 - Part IV: Spirits
- Sustainability in Wine - Part I
- Time is Right for Refresco Gerber Exit
- Belvédère to sell assets, streamline portfolio
- Belvedere vodka tie-up over new James Bond film
- Diageo ups focus on China with Mortlach roll-out
- Diageo rolls out Beckham's Haig Club to US
- Brown-Forman eyeing Scotch, Irish whisk(e)y entry?
- Global vodka insights - market forecasts, product innovation and consumer trends research
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research
- The IWSR Forecast Report - 2014-2019 Global Review
- Global Tequila Market 2014-2018
- just-drinks on-trend: Craft beer - fortunes and future