Heineken says purchase completed of 8.6% of APB in $1.2b deal

THE HAGUE (AFP) - Heineken said on Tuesday it had completed its purchase of 8.6 per cent of top Asian brewer Asia Pacific Breweries Limited (APB), bringing the Dutch beer giant a step closer to taking control of APB and gaining an edge in Asia.

Heineken said in a statement that on Monday it had "completed the purchase of 22,207,130 shares in Asia Pacific Breweries Limited held by Kindest Place Groups Limited," in a deal worth around 741 million euros (S$1.2 billion).

Heineken announced its intention to purchase the shares on Sept 19.

Kindest Place Groups is controlled by the son-in-law of tycoon Charoen Sirivadhanabhakdi, who controls Thai Beverage (ThaiBev) and TCC Assets that last week agreed to support Heineken's bid to gain control of Asia-Pacific Breweries. Heineken in turn promised not to make a counter-offer for APB's parent company Fraser and Neave (F&N), which the Thais want to take over.