Chang brewer ThaiBev is making a bid for full control of Fraser & Neave

ThaiBev, along with its partner TCC Assets, has confirmed it will make a cash offer of around SGD9bn (US$7.2bn) for Fraser & Neave (F&N). 

The Chang brewer announced today (13 September) that through TCC Assets - a special purpose vehicle part-owned by ThaiBev boss Charoen Sirivadhanabhakdi - it will submit a "mandatory conditional cash offer" of SGD8.88 per share for F&N. 

If F&N shareholders accept the offer, it could scupper Heineken's long-running bid for full control of Tiger brewer Asia Pacific Breweries (APB). Last month, the Dutch brewer made a US$4.3bn offer for F&N's stake in APB, which it runs as a JV with the Singapore conglomerate. 

Heineken said in a statement today that it has "noted" ThaiBev's announcement. "The company will review the content carefully and has no further comment to make at this time," the Dutch brewer added. 

Nomura analyst Jit Soon Lim said in a note: "It would appear that TCC is likely to thwart the sale of APB to Heineken. 

"One possible outcome is that if TCC is successful in gaining control of F&N, it would want to renegotiate the sale of APB to Heineken." 

Fraser & Neave is due to hold an EGM on 28 September to vote on Heineken's offer for its stake in APB.