Thai tycoon wins control of Singapore's Fraser and Neave
Published on Jan 31, 2013 12:08 AM
SINGAPORE (REUTERS) - Thai billionaire Charoen Sirivadhanabhakdi has raised his stake in Fraser and Neave Ltd (F&N) to more than 50 percent, turning his offer to buy the rest of the Singapore property and drinks conglomerate unconditional.
Thailand's third-richest man now holds a near 51 percent stake in F&N through TCC Assets Ltd and Thai Beverage PCL after buying more shares in the open market, according to a stock market filing late on Wednesday.
Mr Charoen, whom Forbes estimates to be worth US$6.2 billion (S$ 7.7 billion), is now set to take full control of the 130-year-old company in Southeast Asia's biggest acquisition.
The tycoon had increased his offer for F&N shares he does not own to S$9.55 a share, valuing the company at S$13.75 billion and trumping a rival bid from a group led by Singapore-listed property firm Overseas Union Enterprise Ltd.
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