The Straits Times
www.straitstimes.com
Published on Feb 19, 2013
 

Thai tycoon Charoen secures over 90% of Singapore beverage firm F&N

 
 

SINGAPORE (AFP) - A Thai tycoon has acquired over 90 per cent of Singapore conglomerate Fraser and Neave (F&N) as its takeover offer closed, breaching a threshold that allows him to delist the company.

TCC Assets, controlled by Thai billionaire Charoen Sirivadhanabhakdi, said in a statement issued late on Monday that it now owns 90.32 per cent of F&N at the conclusion of its offer, including acceptances by shareholders. With the 90 per cent ownership threshold breached, Mr Charoen now has the option to delist F&N from the Singapore Exchange, but the statement was silent on the tycoon's next move.

"We cannot comment on that right now," a TCC spokesman told AFP when asked about plans to delist the company.

TCC Assets offered to buy F&N shares it did not already own at S$9.55 apiece, valuing the drinks, property and publishing conglomerate at S$13.75 billion in what the local media described as the biggest takeover in Singapore's corporate history.