TCC has taken a controlling stake in Singapore conglomerate F&N

TCC has taken a controlling stake in Singapore conglomerate F&N

TCC Assets has gained a controlling stake in Fraser & Neave (F&N) after acquiring more shares in the group. 

The ThaiBev-controlled company said yesterday (30 January) that it has acquired an extra 8.6m shares at SGD9.55 per share, meaning it now owns a 50.92% stake in the Singapore conglomerate. TCC's bid for the remaining shares has been declared “unconditional in all respects”, it said. 

Meanwhile, F&N shareholders now have until 18 February to tender their shares after the offer deadline was extended. 

Kirin, F&N's second largest shareholder with a 14.8% stake, has not yet accepted the offer but will decide by Monday (4 February), the Wall Street Journal reported

Earlier this week, F&N board of director said they will step down once the TCC takeover is complete

TCC, owned by Thai billionaire Charoen Sirivadhanabhakdi, previously fought off a challenge for F&N from Singapore property firm Overseas Union Enterprise after a long-running bidding war.