Fraser & Neave Gets S$1.4 Billion Offer for Hospitality Unit
By Joyce Koh - Oct 10, 2012 8:22 AM GMT+0800
Fraser & Neave Ltd. (FNN), the Singapore- based conglomerate that agreed to sell its brewing assets to Heineken NV (HEIA), got a S$1.4 billion ($1.1 billion) offer for its hospitality and serviced residence business.
F&N, which didn’t identify the bidder, said it won’t respond to the offer, citing takeover rules and the business’s value within its property division, according to a statement to the Singapore exchange today. The party making the bid isn’t related to any directors or substantial shareholders, it said.
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The offer complicates a S$9 billion takeover bid Thai billionaire Charoen Sirivadhanabhakdi made last month to gain control of the conglomerate. Fraser & Neave is set to complete the sale of its brewing business to Heineken for S$5.6 billion later this year. Photographer: Munshi Ahmed/Bloomberg
The offer complicates a S$9 billion takeover bid Thai billionaire Charoen Sirivadhanabhakdi made last month to gain control of the conglomerate. Fraser & Neave is set to complete the sale of its brewing business to Heineken for S$5.6 billion later this year.
Japan’s Kirin Holdings Co. (2503), which has a 15 percent stake in F&N, has said it is interested in its soft-drink and food businesses.
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