JAPAN: Kirin lines up takeover of F&N's food business
OUE, a Singapore-based property group, announced yesterday (15 November) it has submitted a S$13.1bn (US$10.7bn) cash offer for full control of F&N. This tops a S$9bn bid for F&N last week by TCC Assets – a privately-held vehicle owned by Thai billionaire Charoen Sirivadhanabhakdi. Through TCC Assets and Chang beer brewer ThaiBev, Sirivadhanabhakdi holds a 30.66% stake in F&N.
Kirin confirmed today (16 November) it will tender its 15% stake in F&N for S$1.9bn ($1.6bn). If OUE's offer is accepted, the Japanese group will then buy back F&N's food and beverage for around S$2.7bn.
Shares in Kirin Holdings were today down by 2.22% at JPY969.
Meanwhile, Heineken yesterday confirmed that it has finally completed a deal to buy F&N's stake in Tiger brewer Asia Pacific Breweries.
Kirin Holdings has reported a significant return to net profit in its first quarter helped by the sale of its stake in Fraser and Neave earlier this year....
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