SINGAPORE: ThaiBev faces counterbid for Fraser & Neave
Control of F&N could become a powerplay between ThaiBev and OUE
ThaiBev is facing a battle for Fraser & Neave after Singapore hotel and property firm Overseas Union Enterprise (OUE) revealed it is in talks with unnamed parties to table a counterbid for the conglomerate.
In a statement to the Singapore Stock Exchange late last week, OUE announced that it is "in discussions with certain parties" and is "considering all options" in relation to F&N. The move could complicate ThaiBev's attempted SGD9bn (US$7.2bn) takeover of F&N.
Reports suggested that OUE could partner with Kirin Holdings, F&N's second-biggest shareholder, to bid for the Singapore conglomerate. Last week, Kirin said it was considering all possible options for its stake in F&N.
Earlier this month, OUE said it had submitted a SGD1.4bn offer solely for the hospitality division of F&N.
Fraser & Neave is on the brink of relinquishing control of Asia Pacific Breweries after its shareholders voted in favour of selling its share in the Tiger brewer to its JV partner Heineken. The deal is expected to complete next month.
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