Heineken is hoping to gain full control of Asia Pacific Breweries attractive portfolio

Heineken is hoping to gain full control of Asia Pacific Breweries' attractive portfolio

Heineken has agreed to give Fraser & Neave (F&N) an extra week to consider its SGD5.1bn (US$4.07bn) offer to take full control of Asia Pacific Breweries (APB). 

The Dutch brewer said today (27 July) it was contacted by the Singapore conglomerate requesting the deadline be extended. F&N now has until next Friday (3 August) to decide on the SGD50 per share offer for Tiger brewer APB, a joint-venture between itself and Heineken. 

In a statement, Heineken said it "continues to believe that the offer represents compelling value for F&N shareholders and APB's minority shareholders". 

Fraser & Neave said in a statement to the Singapore Stock Exchange: "There is no agreement between the parties on the terms of the Heineken offer and there is therefore no certainty that any transaction or agreement will be entered into." 

The company said it noted media reports of "other possible bids", but added that it has not reveived any other offers, aside from Heineken's. 

Heineken is facing competition for control of APB from Chang brewer ThaiBev and Kindest Place Groups, a firm with family links to ThaiBev, and potentially Japenese brewer Kirin

Meanwhile, ThaiBev yesterday rasied its stake in F&N from 22% to 23.9%, through a subsidiary. ThaiBev acquired its stake in F&N on Tuesday, following details of the deal announced last week.