NETHERLANDS/SINGAPORE: Heineken's Asia Pacific Breweries deal gets Singapore regulatory approval
By James Wilmore | 6 November 2012
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Heineken is finally set to get full ownership of the Tiger brewer |
Heineken's long-running bid to take full control of Asia Pacific Breweries (APB) is set to complete this month after Singapore's competition commission gave the green light to the move.
The Dutch brewer said today (6 November) the commission has approved its SGD5.4bn (US$4.3bn) acquisition of its JV partner Fraser & Neave's stake in the Tiger brewer. The commission found that if the deal goes ahead, it will not infringe the “Section 54 prohibition of the Competition Act of Singapore”, Heineken said.
Heineken said it has agreed with F&N to complete the deal “no later than 20 November”. After the F&N deal completes, Heineken will make a mandatory general offer for the APB shares it doesn't own, the company said.
The group also needed approval from New Zealand's Overseas Investment Office for the deal, which it received last month.
Heineken had previously faced a battle for APB with Chang brewer ThaiBev. The Thai company, which is currently bidding for full control of F&N, only gave its blessing to Heineken's APB bid in September after building up its stake in F&N in what observers saw as a potential effort to block the takeover.
Sectors: Beer & cider, Mergers & acquisitions
Companies: Heineken
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NETHERLANDS/SINGAPORE: Heineken's Asia Pacific Breweries deal gets Singapore regulatory approval
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