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Tiger Beer owners to vote on Heineken offer on Sept 28

Published on Sep 6, 2012 12:28 PM
 
Singapore conglomerate Fraser and Neave (F&N) on Thursday called an extraordinary general meeting for later this month to approve Dutch giant Heineken's offer to take over its brewing business. Bottles of Tiger and Heineken beers are pictured on the shelf of a grocery store in Singapore on July 20, 2012. -- PHOTO: REUTERS

SINGAPORE (AFP) - Singapore conglomerate Fraser and Neave (F&N) on Thursday called an extraordinary general meeting for later this month to approve Dutch giant Heineken's offer to take over its brewing business.

Heineken has offered S$5.6 billion for F&N's stake in Asia Pacific Breweries (APB), the makers of Tiger Beer and other popular brands in Asia's rapidly growing alcoholic beverages market.

F&N's board has recommended acceptance of the offer, which requires a simple majority of shares, and have asked shareholders to vote on Sept 28, a statement said.

If the Heineken offer is passed, shareholders will vote separately on a proposed cash distribution of S$4.0 billion through a capital reduction in which one out of every three F&N shares will be cancelled. The move requires 75 per cent approval.

 
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