Singapore-based food and drink maker Fraser & Neave is to sell a 22% stake in its company to ThaiBev.

In a filing to the Singapore Stock Exchange, Chang brewer ThaiBev said it had reached agreements with Oversea-Banking Chinese Corps (OCBC), Great Eastern Holdings and Lee Rubber Company (GEH) to buy the stake in the firm. The deal is valued at SGD2.78bn (US$2.21bn).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

Reports had surfaced earlier this week that a mystery bidder had made an offer to buy the OCBC and GEH’s combined stake in Fraser & Neave and Asia Pacific Breweries.

In a separate announcement today, Heineken said it made a bid to take full control of Asia Pacific Breweries, the venture it runs with Fraser & Neave. Heineken has tabled a bid worth SGD5.1bn. Fraser & Neave said it was “considering” the offer.

Just Food Excellence Awards - The Benefits of Entering

Gain the recognition you deserve! The Just Food Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving food industry advancements. Don’t miss your chance to stand out—submit your entry today!

Nominate Now