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Heineken, Thai tycoon arrive at truce in battle for F&N's shares

Published on Sep 19, 2012 11:31 AM
 
A plastic container with empty bottles of Heineken beers are pictured among beer kegs outside a restaurant in Singapore on Aug 29, 2012. Dutch brewer Heineken and Thai billionaire Charoen Sirivadhanabhakdi have arrived at a surprising truce in their battle for Fraser and Neave (F&N) and its beer unit Asia Pacific Breweries. -- PHOTO: REUTERS

Dutch brewer Heineken and Thai billionaire Charoen Sirivadhanabhakdi have arrived at a surprising truce in their battle for Fraser and Neave (F&N) and its beer unit Asia Pacific Breweries.

Mr Charoen's parties - private investment vehicle TCC Assets and Singapore-listed Thai Beverage - have undertaken to vote in favour of a proposed sale of F&N's stake in APB to Heineken, at an upcoming F&N shareholders' meeting on Sept 28.

On its part, Heineken has undertaken not to make a general offer for F&N shares, added a joint statement by TCC Assets, ThaiBev and Heineken early on Wednesday morning.

Mr Charoen is F&N's largest shareholder at over 30 per cent and on Sept 13 made an $8.8 billion general offer for the rest of the conglomerate.

 
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