SINGAPORE: Fraser & Neave directors to leave
Fraser & Neave's board of directors have said they will resign from the company once the takeover by TCC Assets is completed.
In a statement released today (29 January), the company said all directors will step down, including those seeking re-election at today's AGM. “The directors are committed to ensuring an orderly transition to a new board,” the statement said.
Once TCC's SGD9.55 per-share offer is declared “unconditional”, F&N's board will appoint three new directors in consultation with TCC, it said.
ThaiBev-controlled TCC appears to have won the long-running battle for the Singapore conglomerate after property group Overseas Union Enterprise withdrew a lower offer earlier this month.
- Why Mars rice plan not just crop-ticking exercise
- How Danone aims to meet its 2020 objectives
- Greencore's food-to-go focus paying dividends
- ConAgra Foods: what could happen next? - analysis
- Interview: Ritter sees growth potential in US, EU
- Pinnacle to buy Boulder Brands in $975m deal
- Genius Foods buys UK gluten-free firm Chapel Foods
- Aryzta regional CEO steps down
- Maple Leaf Foods to cut over 400 jobs
- Hovis plans cuts amid anxiety over UK bread demand