Trading halts in battle for Tiger Beer brewer APB
SINGAPORE (AFP) - Singapore conglomerate Fraser and Neave (F&N) and Asia Pacific Breweries (APB) both requested trading halts on Friday as a multi-billion-dollar battle for the makers of Tiger Beer heated up.
The two companies announced the halts before the Singapore Exchange opened, both citing "pending release of an announcement" as the reason.
APB, which makes Tiger Beer, is the target of a takeover battled between Dutch brewer Heineken and companies linked to Thai billionaire Charoen Sirivadhanabhakdi.
F&N directly and indirectly owns a 40 per cent stake in APB, which long-time partner Heineken has offered to buy for S$50 a share, or $5.1 billion.