Kirin sells out F&N stake
Kirin Holdings will sell its entire 15 per cent stake in Singapore's Fraser and Neave (F&N) to Thai tycoon Charoen Sirivadhanabhakdi, in the deal worth 2.03 billion Singapore dollar or about Bt48.7 billion.
The Japanese beverage giant said in a statement that it will sell all 14.76 per cent F&N stake to TCC Assets, the business arm of Charoen which is taking control of F&N. At the end of last month, TCC Assets has built up its stake in F&N above 50 per cent.
Kirin's decision followed the decision by another bidder for F&N, Overseas Union Enterprise (OUE), to pull out of a rare auction called to resolve a protracted battle for the Singapore firm. Kirin had backed OUE's offer with an eye on acquiring F&N's food and beverage business if the Indonesian bid had been successful.
"With the recent major change in F&N's ownership structure, weighted heavily to TCC, Kirin has determined that it would be difficult to implement its integrated beverages strategy in Southeast Asia with F&N as Kirin's core partner," the statement read.
