The Straits Times
Published on Nov 15, 2012

Overseas Union Enterprise weighs in with $9.08 offer for F&N


Overseas Union Enterprise finally unveiled its offer for Fraser & Neave at $9.08 per share this evening, with a total deal value of $13.1 billion. This beats Thai tycoon Charoen Sirivadhanabhakdi's offer of $8.88 a share, setting the stage for a corporate takeover battle.

Japan's Kirin Holdings which holds an approximately 14.8 per cent stake in F&N, has thrown in its lot with OUE, agreeing to support the offer.

If OUE triumphs, this paves the way for conglomerate F&N to be broken up. Kirin says it will pay $2.7 billion for F&N's food business while OUE will keep the rest including the property business.