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Heineken clears Thai hurdle to buy Singapore brewer APB

Published on Sep 19, 2012 6:42 AM
 
Bottles of Tiger and Heineken beers are pictured on the shelf of a grocery store in Singapore in this July 20, 2012 file photo. 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. -- PHOTO: REUTERS

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.

 
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