ASIA: ThaiBev gets regulatory waiver over Fraser & Neave move
Chang brewer ThaiBev is in a hurry to have its say on Heineken's bid for Asia Pacific Breweries
ThaiBev has been granted a waiver from getting shareholders' approval to complete its purchase of a 22% stake in Fraser & Neave.
In a statement to the Singapore Stock Exchange yesterday (31 July), the Chang brewer said it has also had "unamious approval" from its directors to complete the acquisition from Oversea-Chinese Banking Corps (OCBC) and partners. The waiver, granted by the Singapore authorities, has been sought so ThaiBev can have a say on Heineken's SGD5.1bn (US$4.07bn) bid for Asia Pacific Breweries (APB), a joint venture between F&N and the Dutch brewer.
Heineken has given F&N an extended deadline of Friday (3 August) to decide on whether to accept its offer. The Dutch brewer is battling to get full control of Tiger brewer APB to capitalise further on the rise of the region's emerging markets.
In a separate filing yesterday, Fraser & Neave said that International Beverage Holdings, a subsidiary of ThaiBev, has purchased more company shares from the market, in effect raising its total stake in F&N to 24.1%.
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