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.
- M&A Watch: Raisio should sell to private equity
- Infographic: Snapshot of Japan's food sector
- On the money: Solid Lindt outpaces chocolate peers
- Spotlight: What could be impact of Russia's ban?
- On the money: Hain expects continued organic gains
- Russian government eases ban on food imports
- Kerry cools claim spreads move could hit jobs
- Pork Farms buys Kerry Group's pastry plants
- Dr Oetker to buy McCain North America pizza arm
- Nestle makes "major pledge" on animal welfare