Charoen wants another 10% of F&N

BANGKOK: Thai billionaire Charoen Sirivadhanabhakdi has offered to buy an additional 10% in Fraser & Neave Ltd (F&N) from at least two funds as he competes for control of the Singapore company, said three people with knowledge of the matter.

The deal was not completed, the people said, asking not to be identified as the information is private. Charoen, who already owns about 35% of F&N, enlisted Citigroup Inc to help boost his holding, they said.

Citigroup contacted institutional investors starting Dec 14, offering to buy 144 million F&N shares at S$9.60 (RM24.05) apiece, two of the people said. That is 8% over Charoen’s earlier S$8.88 bid for the company.

Vichate Tantiwanich, a spokesman for Charoen’s Thai Beverage Plc, the largest shareholder in F&N, and Richard Tesvich, a Hong Kong-based spokesman for Citigroup, declined to comment on the attempted acquisition.

Shares in F&N rose 0.5% to a 52-week high of S$9.62 at 10:53am Singapore time yesterday. The stock has surged 55% this year.

The attempt, which would have raised Charoen’s stake in F&N to about 45%, comes as his effort to seek control of the soft drinks and real estate company are being challenged by Overseas Union Enterprise Ltd. The billionaire has sought control of F&N since July when he first agreed to buy a stake in the company.

A group led by OUE offered S$9.08 a share for F&N on Nov 15. — Bangkok Post

 

This article first appeared in The Edge Financial Daily, on Dec 18, 2012.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2579+0.0021+0.17%
    USDSGD=X
    1.7393+0.0057+0.33%
    EURSGD=X
    2.1118-0.0011-0.05%
    GBPSGD=X
    81.3539-0.3468-0.42%
    SGDJPY=X
    6.1634-0.0102-0.17%
    SGDHKD=X
    2.5959-0.0056-0.21%
    SGDMYR=X
    9,245.3486+72.0215+0.79%
    SGDIDR=X
    4.9613-0.0058-0.12%
    SGDCNY=X
    1.1662-0.0098-0.84%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,283.90+2.80+0.22%
    GCM14.CMX
    19.44+0.08+0.41%
    SIK14.CMX
    91.18+0.12+0.13%
    ^XAU
    3.05-0.01-0.25%
    HGK14.CMX
    101.50-0.25-0.25%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.71-0.01
    ^FVX
    2.70-0.02
    ^TNX
    3.49-0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.122+0.002+1.67%
    B22.SI
    0.61+0.005+0.83%
    E5H.SI
    2.22+0.010+0.45%
    JS8.SI
    0.16+0.002+1.27%
    5GB.SI
    0.142-0.003-2.07%
    545.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.23+0.031+15.58%
    5UZ.SI
    0.22+0.020+10.00%
    D6U.SI
    0.184+0.014+8.24%
    5WD.SI
    0.275+0.020+7.84%
    5TP.SI
    0.161+0.011+7.33%
    A03.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.245-0.055-18.33%
    T18.SI
    0.196-0.024-10.91%
    5WR.SI
    0.161-0.019-10.56%
    T16.SI
    0.36-0.040-10.00%
    S24.SI
    0.098-0.010-9.26%
    C11.SI