Heineken clears Thai hurdle to buy Singapore brewer APB
SINGAPORE (AFP) - Thai rival on Wednesday vowed to back Dutch giant Heineken's takeover of major Asian brewer APB, defusing a potential clash ahead of a Singapore conglomerate's meeting on the issue.
Thai Beverage and TCC Assets, both controlled by tycoon Charoen Sirivadhanabhakdi, said in a joint statement with Heineken that they will support the Dutch firm's bid to gain control of Asia-Pacific Breweries.
Heineken already owns 42 per cent of Singapore-based APB and offered to take over the 40 per cent stake held by APB's parent company Fraser and Neave (F&N), a diversified group that is 30 per cent controlled by the Thai firms.
In Wednesday's joint statement to the Singapore Exchange, Heineken said it "irrevocably undertakes not to make a general offer" for F&N.