09:33 | 02/08/2012

Singapore's F&N trade halted on eve of Heineken deadline

Singapore food and beverage group Fraser and Neave (F&N) halted trading Thursday, pending an announcement on the eve of a deadline from Dutch beer giant Heineken to accept its offer for Asia Pacific Breweries (APB).

Cans of Tiger beer (top L), brewed by Asia Pacific Breweries, are displayed alongside others, including Dutch beer Heineken, at a convenience store in Singapore on July 27, 2012. Singapore food and beverage group Fraser and Neave (F&N) halted trading Thursday, pending an announcement on the eve of a deadline from Dutch beer giant Heineken to accept its offer for Asia Pacific Breweries

Heineken's offer, which lapses on Friday after a week-long extension, has sparked speculation of a takeover battle for F&N's assets involving other foreign players eyeing Asia's growing thirst for beer and other beverages.

F&N has major soft-drink and dairy assets, book publishing and printing operations, condominiums, commercial property and serviced apartments, in addition to beer.

APB, the maker of Tiger Beer, is F&N's crown jewel.

Heineken and F&N have been longtime partners in Asia. Heineken currently owns 41.9 percent of APB, while F&N holds 40 percent.

Kirin Holdings of Japan owns 15 percent of F&N and has been mentioned by analysts as a potential bidder for the Singapore group's assets along with Thai Beverage, which now owns nearly 24 percent of F&N.

Source AFP