SINGAPORE: TCC offer to shareholders closes
TCC now has around a 90% stake in F&N
TCC Assets has built up its total stake in Fraser & Neave to 90%, while the deadline for shareholders to tender their stock has closed.
In a statement today (18 February), the ThaiBev-controlled vehicle said that the level of acceptances from ordinary shareholders had reached 42.08%, equating to 606,505,956 shares. Its offer to shareholders is now closed, it said.
TCC, which now has a total shareholding of 90.32% in the group, took majority control of F&N late last month.
Thapana Sirivadhanabhakdi, ThaiBev's president & CEO said: “ThaiBev is very pleased with the outcome of the offer and the high level of acceptances gained from shareholders. We look forward to working with TCC Assets in developing a constructive long-term relationship with F&N management and employees and will explore all options in an effort to enhance value.”
Earlier this month, Kirin Holdings said it will sell its 15% stake in F&N to TCC Assets for around SGD2bn (US$1.6bn).
TCC previously won a bidding war with Singapore property group Overseas Union Enterprise for control of F&N.
Datamonitor's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organ...
The soft drinks market represents around 30% of Primo Schincariol’s net sales, and carbonates, bottled water and fruit/vegetable juice are the most representative products within the company’s portfol...
- Analysis - Remy's Cognac "dead-cat bounce"
- Comment - How Hand-Made is Tito's Handmade Vodka?
- Heineken to stay "active player" in beer M&A - CFO
- Focus - Pernod Ricard's Q1 sales by brand
- Time for Heineken to make a European break
- Moët Hennessy unveils first Travel Retail outlet
- United Spirits sees Q1 net loss
- Whisky downturn slows Diageo's Scotch spend
- Beam Suntory, Edrington part ways in Travel Retail
- Pernod Ricard sees sales lift in Q1