The Straits Times
Published on Sep 11, 2012

ThaiBev says may work with partner to make offer for F&N


SINGAPORE (REUTERS) - Thai Beverage PCL said it may work with a partner to make an offer for Fraser and Neave (F&N), which could potentially thwart moves by Dutch brewer Heineken to take full control of Tiger Beer maker Asia Pacific Breweries.

"The board understands that a party acting in concert with the company is exploring the possibility of making an offer for F&N," ThaiBev said in an filing on the Singapore Exchange early on Tuesday.

ThaiBev, controlled by billionaire Charoen Sirivadhanabhakdi, is F&N's biggest shareholder with a 29 per cent stake. It said it was not seeking funding for a general offer for the Singaporean drinks and property conglomerate.

The move comes as F&N shareholders, which include Japan's Kirin Holdings, prepare for a crucial vote on Sept 28 on the proposed sale of a 40 per cent stake in Tiger beer maker Asia Pacific Breweries to Heineken.