Kirin has confirmed it wants the food and beverage division of Fraser & Neave

Kirin has confirmed it wants the food and beverage division of Fraser & Neave

Kirin Holdings has confirmed it has agreed to acquire Fraser & Neave's food and beverage business if a wider bid by Overseas Union Enterprise (OUE) for the conglomerate succeeds. 

OUE, a Singapore-based property group, announced yesterday (15 November) that it has submitted a SGD13.1bn (US$10.7bn) cash offer for full control of F&N. This tops a SGD9bn bid for F&N last week by TCC Assets – a privately-held vehicle owned by Thai billionaire Charoen Sirivadhanabhakdi. Through TCC Assets and Chang brewer ThaiBev, Sirivadhanabhakdi holds a 30.66% stake in F&N.  

Kirin confirmed today (16 November) that OUE's statement regarding its intention was correct. Kirin will tender its 15% stake in F&N for SGD1.9bn ($1.6bn). If OUE's offer is accepted, the Japanese group will then buy back F&N's food and beverage for around SGD2.7bn.

Shares in Kirin Holdings were today down by 2.22% at JPY969. 

Meanwhile, Heineken yesterday confirmed that it has finally completed a deal to buy Fraser & Neave's stake in Tiger brewer Asia Pacific Breweries.