SINGAPORE: ThaiBev to launch US$7.2bn cash offer for Fraser & Neave
Chang brewer ThaiBev is making a bid for full control of Fraser & Neave
ThaiBev, along with its partner TCC Assets, has confirmed it will make a cash offer of around SGD9bn (US$7.2bn) for Fraser & Neave (F&N).
The Chang brewer announced today (13 September) that through TCC Assets - a special purpose vehicle part-owned by ThaiBev boss Charoen Sirivadhanabhakdi - it will submit a "mandatory conditional cash offer" of SGD8.88 per share for F&N.
If F&N shareholders accept the offer, it could scupper Heineken's long-running bid for full control of Tiger brewer Asia Pacific Breweries (APB). Last month, the Dutch brewer made a US$4.3bn offer for F&N's stake in APB, which it runs as a JV with the Singapore conglomerate.
Heineken said in a statement today that it has "noted" ThaiBev's announcement. "The company will review the content carefully and has no further comment to make at this time," the Dutch brewer added.
Nomura analyst Jit Soon Lim said in a note: "It would appear that TCC is likely to thwart the sale of APB to Heineken.
"One possible outcome is that if TCC is successful in gaining control of F&N, it would want to renegotiate the sale of APB to Heineken."
Fraser & Neave is due to hold an EGM on 28 September to vote on Heineken's offer for its stake in APB.
The fourth and final part of this month's management briefing, which looks at the efforts of the brewing world in the environmental sustainability arena, considers the work of Heineken, Molson Coors a...
- Are we about to see a no-alcohol Heineken?
- American whiskey does a vodka - Analysis
- Battle continues for Pernod Ricard in US and China
- A-B InBev's Global Presence - just The Facts
- Concha y Toro's H1 performance - Focus
- Heineken integrates cider and beer
- “New normal” sees Pernod target premium in China
- Diageo strengthens Charmer Sunbelt distribution
- The Glenlivet leapfrogs Glenfiddich
- Pernod Ricard keen to stem Absolut US declines
- Future growth opportunities for global spirits
- Global gin insights - market data, product innovation and consumer trends research
- Global rum insights - market forecasts, product innovation and consumer trends research
- Pernod Ricard SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report
- Brown-Forman Corporation (BFB) - Financial and Strategic SWOT Analysis Review