Overseas Union Enterprise withdraws from Fraser & Neave takeover race
Indonesia-based Overseas Union Enterprise (OUE) has announced that it will not revise its takeover offer for Singapore-based property and soft drinks group Fraser & Neave (F&N). Meanwhile, Japanese brewer Kirin Holdings stated that it has not taken any decision on its stake in F&N.
OUE's decision means that its bid has lapsed, which leaves Thailand's TCC Group owner Charoen Sirivadhanabhakdi to win the takeover battle.
OUE, which is run by Indonesian tycoon Stephen Riady, offered a price of S$9.08 ($7.39). However, Sirivadhanabhakdi raised his offer from S$8.88 ($7.2) per share to S$9.55 ($7.77) a share, which values F&N at almost $11.3bn.
In November 2012, the Japanese brewer and soft drinks manufacturer announced that it would unload its complete 15% stake in F&N to the Indonesian firm.
Kirin had then intended to purchase back F&N's Malaysian food and beverage operations - Fraser & Neave Holdings.
Non-alcoholic> Bottled Water
Non-alcoholic> Fruit Juice
Non-alcoholic> Hot Drinks
Consumer Markets> Producers> Soft Drinks> Soft (Extended)> Hot Tea> Black Specialty Tea
Consumer Markets> Producers> Soft Drinks> Soft (Extended)> Hot Coffee
Consumer Markets> Producers> Soft Drinks> Soft (Standard)> Juices
Consumer Markets> Producers> Soft Drinks> Soft (Standard)> Packaged Water
Non-alcoholic Fruit Juice Energy & Sports Drinks Dairy Hot Drinks Soft Drinks Bottled Water
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