Tiger hunt by Thai tycoon

Published on 08/08/2012 00:00

THAI billionaire Charoen Sirivadhanabhakdi yesterday made an unsolicited approach for Singapore conglomerate Fraser and Neave’s (F&N’s) 7.3 per cent stake in Tiger Beer-maker Asia Pacific Breweries (APB), placing a potential hurdle in the way of Heineken’s $6 billion (£3.9bn) bid for APB.

Charoen, who owns Chang Beer maker Thai Beverage, has offered F&N S$55 a share, trumping the S$50 offer from Heineken, which has already been recommended to investors by F&N’s directors. He has already taken a 7.9 per cent stake in APB after buying the holdings of Oversea-Chinese Banking Corporation and its insurance unit.

Heineken, which broke up Scottish & Newcastle with Carlsberg, will put its offer to APB investors once F&N shareholders have voted on the deal.