TCC Assets, the fund battling to buy Fraser and Neave, has spoken out after a report claimed it is looking to acquire an extra 10% of the Singapore food and drink group.

Bloomberg reported today (17 December) Thai billionaire and TCC owner Charoen Sirivadhanabhakdi is trying to acquire an additional stake in F&N for S$9.60 (US$7.87) a share. Last week, Chareon, who owns around 35% of F&N, extended the deadline for a S$8.88-per-share offer for full control of the group to 2 January. 

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In a statement responding to the Bloomberg article, TCC said the group has “from time to time, been approached by shareholders and/or brokers in relation to potential sales of shares in the company [F&N]”.

However, it added there is “no certainty that any transaction would materialise and/or any revision of the offer price would be made”.

Chareon faces a fight for F&N with Singapore-based property group Overseas Union Enterprise (OUE). Last month, OUE submitted a S$13.1bn (US$10.7bn) cash offer for full control of F&N, topping TCC’s bid. The deadline for the OUE bid is 3 January.

If the OUE challenge is successful, Japan’s Kirin Holdings has agreed to acquire F&N’s food & beverage business for S$2.7bn.

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