ASIA: Kirin eyes offer for Asia Pacific Breweries - report
Kirin is reported to be considering a move for Asia Pacific Breweries
Kirin Holdings is considering launching its own bid for Asia Pacific Breweries (APB), according to reports.
The Japanese firm, which holds a stake of around 15% in APB, is talking to bankers about a possible bid for the Tiger brewer, the Wall Street Journal has reported. APB has become the subject of a bidding war, after Heineken tabled a counter bid last week following an offer from a firm with family links to Chang brewer ThaiBev.
"There's no option [for Kirin] to give up, but it all depends on the pricing," a source was quoted as saying. "If they don't act fast, the game will be over."
Analysts UBS said today that "multiple scenarios" are still possible surrounding the deal. Heineken's US$4.07bn offer could be rejected, it said, which could result in Heineken raising its offer "substantially". Alternatively, Heineken could sell its stake in APB, APB's assets could be split up, or Heineken may be forced to work with ThaiBev and/or Kirin.
However, Heineken CEO Jean-François van Boxmeer, has previously said he is "uncomfortable" with Kirin's stake in APB.
Meanwhile, shares in APB are the biggest mover on the Singapore Stock Exchange today, up 6.49% to SGD48.49 (US$38.52).
Hartwall plans to cut up to 8% of its staff and outsource part of its sales work, the Heineken-owned brewer has said....
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