Fraser & Neave is the target for both TCC and OUE

Fraser & Neave is the target for both TCC and OUE

The battle for Fraser & Neave (F&N) has taken another twist after Overseas Union Enterprise (OUE) extended the deadline for its SGD13.1bn (US$10.7bn) offer for the Singapore conglomerate.

In a filing yesterday (3 January), property group OUE said the closing date for its offer has been extended until 14 January. The previous deadline was yesterday.

It comes after ThaiBev-controlled TCC Assets yesterday extended its offer deadline for F&N for a fourth time to 10 January. OUE's bid tops TCC's, which is SGD9bn (US$7.36bn).

If the OUE bid is successful, Japan's Kirin Holdings has agreed to acquire F&N's food & beverage business for SGD2.7bn.

Last month, F&N's board branded OUE's offer as "not compelling, but fair".