Singapore Markets close in 3 hrs 37 mins

Heineken's APB acquisition OK'ed by Singapore competition commission

Transaction to complete by November 20.

In a note to the Singapore Exchange, Heineken N.V. (Heineken) announced that the Competition Commission of Singapore (CSS) has granted clearance for the acquisition by Heineken International B.V. (HIBV) of Fraser and Neave, Limited’s (F&N) direct and indirect interests in Asia Pacific Breweries Limited (APB) and F&N’s interest in the non-APB assets held by Asia Pacific Investment Private Limited (APIPL).

The CCS has found that the said transaction, if carried into effect, will not infringe the Section 54 prohibition of the Competition Act of Singapore.

Accordingly, Heineken and F&N have agreed to complete the Transaction by no later than 20 November 2012.

Upon completion of the Transaction, Heineken will own in aggregate a 95.3% stake in APB.

After completion of the Transaction, HIBV will make a mandatory general offer (‘MGO’) for all the shares of APB that the Heineken group does not already own, in accordance with the Singapore Code on Take-overs and Mergers. Subsequently, Heineken will seek to delist APB. Further details of the MGO will be provided in the MGO Announcement to be made by Credit Suisse and Citi on behalf of HIBV on completion of the transaction. 

More From Singapore Business Review