F&N has become the subject of a bidding war

F&N has become the subject of a bidding war

ThaiBev-controlled TCC Assets has spoken out after a report claimed that it is looking to acquire an extra 10% of Fraser & Neave (F&N).

Bloomberg reported earlier today (17 December) that Charoen Sirivadhanabhakdi, ThaiBev's and TCC's owner, is trying to acquire an additional stake in the Singapore conglomerate for SGD9.60 (US$7.87) a share. Last week, Chareon, who currently owns around 35% of F&N, extended the deadline for a SGD8.88-per-share offer for full control to 2 January

In a statement responding to the Bloomberg article, TCC said the group has “from time to time, been approached by shareholders and/or brokers in relation to potential sales of shares in the company (F&N).”

But, it added that there is “no certainty that any transaction would materialise and/or any revision of the offer price would be made”. 

Chareon faces a fight for F&N with Singapore-based property group Overseas Union Enterprise (OUE). Last month, OUE submitted a SGD13.1bn (US$10.7bn) cash offer for full control of F&N, topping TCC's bid. The deadline for the OUE bid is 3 January.

If the OUE challenge is successful, Kirin Holdings has agreed to acquire F&N's food & beverage business for SGD2.7bn.