Charoen's done deal
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Thai tycoon Charoen Sirivadhanabhakdi has succeeded in taking over Singapore's Fraser & Neave, with the final holding of 90.32 per cent of total issued shares.
In a filing to the Singapore Exchange late yesterday, his group - led by Thai Beverage and TCC Assets - announced that the combined holding accounted for 1.3 billion shares.
The Nation estimated that ThaiBev spent no more than 3.7 billion Singapore dollar for its shares, accumulated when the price was below 8 Singapore dollar. TCC Assets, acquiring the remaining shares at the price range of S$8.80-S$9.55, spent another S$8billion. Altogether, the deal was done at the cost of S$11 billion or about Bt300 billion.
Of total, ThaiBev, through InterBev Investment Ltd, holds 412 million shares or 28.61 per cent. The rest is held by TCC Assets - which are majority owned by Charoen and his wife, Khunying Wanna.
In the filing, Thanapa, the eldest son of Charoen as CEO of ThaiBev, expressed his satisfaction with the success.
“ThaiBev is very pleased with the outcome of the offer and the high level of acceptances gained from shareholders. We look forward to working with TCC Assets in developing a constructive long-term relationship with F&N management and employees and will explore all options in an effort to enhance value.”
