Heineken to fight for APB stake
Source: Agencies |
August 9, 2012, Thursday
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Print Edition
Print Edition
DUTCH brewer Heineken NV yesterday said it will keep fighting to buy the shares it doesn't already own of Asia Pacific Breweries Ltd of Singapore, the owner of Tiger beer, despite efforts by a Thai tycoon to upset the deal.
Last week, Heineken's longtime co-investor in APB, Fraser and Neave Ltd, agreed to sell its 39.7 percent stake in APB to Heineken at S$50 (US$40.15) per share, plus some other operations, for a total sum of US$4.23 billion.
Heineken's bid represented a 45 percent premium to APB's share price before the offer, and the sale would have given Heineken 82 percent of APB's shares.
But on Tuesday, a company controlled by the family of Thai billionaire Charoen Sirivadhanabhakdi offered Fraser & Neave S$55 per share for a 7.3 percent stake in APB. Though that offer is 10 percent higher than Heineken's offer on a per-share basis, the Dutch brewer insisted that its offer is better because it covers F&N's whole stake.
If F&N accepts Sirivadhanabhakdi's bid, it would still have a significant holding of more than 30 percent in APB, and Heineken without a controlling stake.
To complicate the situation, one of Sirivadhanabhakdi's companies has an 8 percent stake in APB and another has taken control of 24 percent of F&N, giving him some influence over the company's board.
APB also owns the Anchor and Bintang brands, while Tiger has a dominant position in many Asian markets, notably Vietnam, Malaysia, New Zealand and Singapore.
Last week, Heineken's longtime co-investor in APB, Fraser and Neave Ltd, agreed to sell its 39.7 percent stake in APB to Heineken at S$50 (US$40.15) per share, plus some other operations, for a total sum of US$4.23 billion.
Heineken's bid represented a 45 percent premium to APB's share price before the offer, and the sale would have given Heineken 82 percent of APB's shares.
But on Tuesday, a company controlled by the family of Thai billionaire Charoen Sirivadhanabhakdi offered Fraser & Neave S$55 per share for a 7.3 percent stake in APB. Though that offer is 10 percent higher than Heineken's offer on a per-share basis, the Dutch brewer insisted that its offer is better because it covers F&N's whole stake.
If F&N accepts Sirivadhanabhakdi's bid, it would still have a significant holding of more than 30 percent in APB, and Heineken without a controlling stake.
To complicate the situation, one of Sirivadhanabhakdi's companies has an 8 percent stake in APB and another has taken control of 24 percent of F&N, giving him some influence over the company's board.
APB also owns the Anchor and Bintang brands, while Tiger has a dominant position in many Asian markets, notably Vietnam, Malaysia, New Zealand and Singapore.
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