The F&N shares changed hands as part of a block trade, according to reports

The F&N shares changed hands as part of a block trade, according to reports

A block trade of 2.5% of Fraser & Neave's stock has added to speculation that ThaiBev is stepping up the battle for Asia Pacific Breweries, according to reports. 

A total of 35.8m F&N shares changed hands at SGD8.60 each on the Singagpore Stock Exchange today (24 August), Reuters reported. F&N shares are currently up 1.56% at SGD8.45

Block trades do not pass through the normal stock exchange and it has not been confirmed who the buyer and seller are. 

However, some reports suggest the likely buyer is ThaiBev. The Chang brewer has been steadily building its stake in F&N and an extra 2.5% would bring it up to a 29.9% stake in the conglomerate. Under Singapore regulatory rules, ThaiBev would be forced to make a mandatory offer for F&N if its stake reached 30%. 

Heineken raised its stake in Asia Pacific Breweries this week to a total of 44.6% and has made a "final offer" to F&N for its shares in the Tiger brewer