SINGAPORE: TCC says latest Fraser & Neave offer is "final"

By James Wilmore | 22 January 2013

TCC's chase for F&N looks to be reaching a conclusion

ThaiBev-controlled TCC Assets has said its SGD9.55-per-share bid for Fraser & Neave (F&N) is its "final" offer for the group.

TCC upped its bid for the conglomerate last week in a move to see off rival Overseas Union Enterprise (OUE). And yesterday (21 January), OUE said said it was withdrawing from the long-running bidding war.

TCC is set to pay around SGD13.75bn (US$11.2bn) for F&N, whose interests include soft drinks, food, property and publishing. TCC's offer will remain open until 4 Feburary, it said yesterday.

TCC also said that it now owns 42.5% of F&N, after acquiring 34.58m shares at SGD9.55 per share yesterday.

Meanwhile, Japanese brewer Kirin, which has a 15% stake in F&N said today that no decision has been made on what it will do with its share, it was reported. Previously, Kirin had agreed to acquire F&N's food and beverage business if OUE's bid had been successful.

Sectors: Dairy, Mergers & acquisitions