ThaiBev has upped its stake in Singapore food and drink group Fraser and Neave to 26.2%, according to a regulatory filing.
F&N confirmed in a statement to the Singapore Stock Exchange on Monday (13 August) that the Chang beer brewer has raised its share in the group from 24.1% to 26.2%. ThaiBev would be forced into a mandatory takeover offer if its stake in F&N reached 30%.
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The latest move increases the intensity of the battle between ThaiBev and Heineken for Tiger beer brewer Asia Pacific Breweries, a JV between the Dutch brewer and F&N.
Yesterday, ThaiBev confirmed it has completed its acquisition of a 22% stake in F&N, after an agreement was made last month.
Meanwhile, F&N has until 24 August to consider a bid from Kindest Place Groups, a group with family links to ThaiBev, to buy the Singapore group’s 7.3% direct stake in APB.
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Earlier this month, Heineken had a S$50 per share offer for F&N’s entire stake in APB approved by the Singapore conglomerate. However, F&N is awaiting shareholder approval for the deal.
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By GlobalDataOn the sidelines is Japanese food and drink group Kirin Holdings, which holds a 15% stake in F&N.
Kirin has so far insisted it is only interested in F&N’s food and soft drinks assets, although the Japanese group has remained coy about its intentions amid the speculation
