Asia Pacific Breweries Ltd. (APB) was halted from trading in Singapore trading today as a Thai billionaire and Heineken NV (HEIA) wrestle for control of the Tiger beer maker.
Fraser & Neave Ltd., which owns 40 percent of the brewer, was also halted. The stocks were suspended from trading almost two weeks after Kindest Place Groups, owned by the son-in-law of Thai billionaire Charoen Sirivadhanabhakdi, offered to buy 7.3 percent of APB from Singapore-based F&N for S$55 ($44.10) a share. That topped an earlier offer from Heineken NV, the world’s third-biggest brewer, to take full control of APB at S$50 a share.
Heineken, which has been involved with APB since 1931, began taking steps to protect its position in July after Charoen’s Thai Beverage Pcl (THBEV) offered to buy a 22 percent stake in Fraser & Neave. The Dutch brewer’s original offer of S$50 a share was recommended by F&N’s board.
The deadline for F&N to make a decision on Kindest Place’s offer was originally Aug. 16 and was extended today to Aug. 24.
Heineken, which accounts for about 8.8 percent of the global beer market, has the smallest emerging-markets presence of the world’s big three brewers, according to data compiled by Bloomberg. About 37 percent of operating income came from western Europe last year, the data show.
Besides the Singaporean Tiger brand, APB has rights to brew Bintang beer in Indonesia, Anchor in China, Southeast Asia and Sri Lanka, and Heineken from China to New Zealand.
Thai Beverage, which completed its purchase of the 22 percent stake this week, climbed 1.5 percent to 34 Singapore cents as of 9:14 a.m. in the city-state, where its shares are traded, set for a two-week high.
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