SINGAPORE: TCC speaks out as battle for Fraser & Neave escalates

By | 17 December 2012

F&N has become the subject of a bidding war

F&N has become the subject of a bidding war

ThaiBev-controlled TCC Assets has spoken out after a report claimed that it is looking to acquire an extra 10% of Fraser & Neave (F&N).

Bloomberg reported earlier today (17 December) that Charoen Sirivadhanabhakdi, ThaiBev's and TCC's owner, is trying to acquire an additional stake in the Singapore conglomerate for SGD9.60 (US$7.87) a share. Last week, Chareon, who currently owns around 35% of F&N, extended the deadline for a SGD8.88-per-share offer for full control to 2 January

In a statement responding to the Bloomberg article, TCC said the group has “from time to time, been approached by shareholders and/or brokers in relation to potential sales of shares in the company (F&N).”

But, it added that there is “no certainty that any transaction would materialise and/or any revision of the offer price would be made”. 

Chareon faces a fight for F&N with Singapore-based property group Overseas Union Enterprise (OUE). Last month, OUE submitted a SGD13.1bn (US$10.7bn) cash offer for full control of F&N, topping TCC's bid. The deadline for the OUE bid is 3 January.

If the OUE challenge is successful, Kirin Holdings has 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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