Heineken, Thai beverages agree deal on Asia Pacific

Dutch brewer Heineken is on the verge of gaining full control of Asia Pacific Beverages (APB) after reaching a pact with rival bidder Thai Beverages, the FD reports.

The €5bn take-over will be one of the largest acquisitions in the history of the company and the biggest of any Dutch company this year.
Thai and Heineken issued a joint statement on Tuesday night outlining the terms of the deal. Thai said it ‘irrevocably undertakes’ to vote all its shares in support of Heineken’s offer for APB. At the same time, Heineken promised ‘not to make a general offer for shares in Frazer and Neave under the Singapore Code on Takeovers and Mergers’.
Fraser and Neave shareholders will put the Heineken offer to the vote on September 28.
Long battle
The deal signals the end of a long and convoluted battle which started when Thai Beverages bought a significant number of shares in APB and strengthened its position in the Singaporean company Fraser and Neave.
Heineken has been a shareholder in APB, which is a joint venture with Fraser and Neave, since 1931.
The stalemate ended after Heineken agreed not to pursue the acquisition of Fraser and Neave shares but to concentrate only on the company’s APB shares.
Heineken shares were up by almost 6% in early trading, rising to €45.35 on the news.

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