Heineken has upped its stake in APB again

Heineken has upped its stake in APB again

Heineken has raised its direct stake in Asia Pacific Breweries (APB) to 13.16%, the brewer has announced.

The Dutch group purchased 845,000 shares, 0.33% of APB, in the open market at SGD53 per share, it said yesterday (27 August). This comes after Heineken increased its interest in APB to 12.18% last week.

The brewer is battling to gain full control of APB and earlier this month submitted a "final offer" to Fraser & Neave (F&N) for its share in the Tiger brewer

A separate holding company, Asia Pacific Investment Pte Ltd, which has around a 65% direct stake in APB, is jointly owned by Heineken and F&N. The Singapore conglomerate also has a 7.3% direct stake in the JV.

If F&N shareholders approve the Heineken deal, the brewer's overall direct and indirect interest in APB would rise to 85.23%. Heineken would then make a mandatory offer for the remaining shares in APB.

The Dutch group is facing a potential challenge for control of APB from Chang brewer ThaiBev, which has been building up its stake in F&N recently and is the conglomerate's biggest shareholder.