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.
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