Heineken's Thai rival makes offer for Tiger Beer parent
SINGAPORE (AFP) - A Thai group on Thursday made an S$8.7 billion offer for Singapore's Fraser and Neave (F&N) group, the parent of an Asian brewer about to be taken over by Dutch giant Heineken.
Thai Beverage (ThaiBev), controlled by billionaire Charoen Sirivadhanabhakdi, and its partner TCC Assets, also controlled by Charoen, said in a statement they were offering S$8.88 per share for the 70 per cent of F&N shares they do not own.
The all-cash offer came two weeks ahead of a general shareholders' meeting called by the F&N board to approve Heineken's S$5.6 billion offer for F&N's 40 per cent stake in Asia-Pacific Breweries (APB), the makers of Tiger Beer and other popular Asian brands.
Heineken already owns 42 per cent of the brewer and a takeover would give it a major advantage in the Asian market, where beer consumption is booming as sales fall in mature markets like Europe.