F&N shareholders approve Heineken's offer
Fraser & Neave (F&N) shareholders today approved Heineken International's offer for the direct and indirect stakes in Asia Pacific Breweries.
F&N will dispose its direct and indirect interests in APB and in the non-APB assets held by Asia Pacific Investment Private Ltd (APIPL), for a total value of 5.6 billion Singapore dollar.
The transaction, which remains subject to regulatory approvals in Singapore and New Zealand, is expected to complete in November 2012. Subsequently the mandatory general offer (MGO) for all shares not owned by Heineken and F&N will be launched, which will take at least six weeks to complete. Following the offer, Heineken will seek to delist APB.
Following the decision, the Singapore firm - which welcomed Thai tycoon Charoen Sirivadhanabhakdi as the major shareholder - would rely on other two main businesses which are real estate and food/beverage. Earlier, Charoen's camp announced the end of the fighting with Heineken for APB.
“I am pleased that F&N’s shareholders have voted in favour of our offer for APB and been able to realise full value from their investment. Once completed, this transaction will further increase Heineken’s financial and geographic exposure to emerging markets and strengthen our competitive position in one of the most exciting regions in the world," said Heineken Chairman and Chief Executive Officer Jean-François van Boxmeer.
He furthered "Our regional headquarters will remain in Singapore with the Heineken and Tiger brands at the heart of our portfolio. We are now ideally positioned to
expand our presence across the region and create long-term financial and strategic
value for our shareholders. Finally, I’d like to thank Chairman Lee and the other
members of the F&N board, who have supported our offer and recommended it to the
F&N shareholders.”
