SINGAPORE: OUE withdraws from Fraser & Neave bidding war

By | 21 January 2013

The lengthy battles for F&N appears to have drawn to a close

The lengthy battles for F&N appears to have drawn to a close

The battle for Fraser & Neave appears to be over after Overseas Union Enterprise (OUE) said it will not increase its bid to match its rival, TCC Assets.

In a statement today (21 January), the property group said it has decided "not to revise the offer price", after ThaiBev-controlled TCC raised its bid late last week from SGD8.88 (US$7.22) to SGD9.55. The statement came after an auction process, called for by Singapore's Securities Industry Council, kicked off earlier today. 

OUE said it has made the decision in the “best interests” of the company and its shareholders.

“OUE is confident that other opportunities will arise and at price levels which are more attractive and value creating for OUE and its shareholders,” the statement added. 

TCC and OUE had been involved in a battle for Singapore conglomerate F&N since OUE tabled a bid in November

Due to its increased bid, TCC is now set to pay around SGD13.75bn (US$11.2bn) for F&N, whose interests include soft drinks, food, property and publishing. TCC's offer will remain open until 4 Feburary, it said today. 

If OUE's bid had been successful, Kirin had agreed to acquire F&N's food & beverage business for SGD2.7bn.

Expert analysis

Carbonated Soft Drinks in Asia-Pacific

Carbonated Soft Drinks in Asia-Pacific industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2007-11, and forecast to 2016). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Essential resource for top-line data and analysis covering the Asia-Pacific carbonated soft drinks market. Includes market size and segmentation data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.

Sectors: Mergers & acquisitions, Soft drinks

Companies: Kirin

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