Heineken has started down the path to full ownership of Asia Pacific Breweries

Heineken has started down the path to full ownership of Asia Pacific Breweries

Heineken has begun its full buy-out of Asia Pacific Breweries, lining up the purchase of Kindest Place Groups' stake in the brewing venture.

Heineken, which saw its path to full ownership of APB clear late yesterday (18 September), said today that it has agreed to buy Kindest Place Groups' 8.6% holding in APB. Kindest Place, which is linked to ThaiBev, bought the shares from Oversea-Chinese Banking Corps (OCBC) and Great Eastern Holdings' (GEH) in July, as ThaiBev positioned itself for a takeover bid for Heineken's APB partner, Fraser & Neave (F&N).

Heineken will buy Kindest Place's 22.2m shares in APB for SGD53.00 each, which will cost the brewer around US$960m.

The move sees Heineken's direct holding in APB hit around 21.8%. Asia Pacific Investment Pte holds around 65% of APB directly, and is jointly owned by Heineken and F&N. The Singapore conglomerate also has a 7.3% direct stake in the JV.

Completion of the Kindest Place transaction is expected before the end of this month.

Meanwhile, F&N's shareholders will vote on Heineken's APB offer, which has been approved by F&N's board, on 28 September.

To read the official statement, click here.