TCC has taken a controlling stake in Singapore conglomerate F&N

TCC has taken a controlling stake in Singapore conglomerate F&N

Thai investment vehicle TCC Assets has gained a controlling stake in Singapore food and drink group Fraser and Neave after acquiring more shares in the group.

The fund, controlled by Chang beer brewer ThaiBev, said yesterday (30 January) it had acquired an extra 8.6m shares at S$9.55 per share, meaning it now owns a 50.92% stake in the Singapore conglomerate. TCC's bid for the remaining shares has been declared "unconditional in all respects", it said.

Meanwhile, F&N shareholders now have until 18 February to tender their shares after the offer deadline was extended.

Kirin Holdings, F&N's second largest shareholder with a 14.8% stake, has not yet accepted the offer but will decide by Monday (4 February), The Wall Street Journal reported.

Earlier this week, F&N board of directors said they will step down once the TCC takeover is complete.

TCC, owned by Thai billionaire Charoen Sirivadhanabhakdi, previously fought off a challenge for F&N from Singapore property firm Overseas Union Enterprise after a long-running bidding war.