ThaiBev's TCC takes controlling stake in F&N

SINGAPORE: ThaiBev's TCC takes controlling stake in Fraser and Neave

Thai investment vehicle TCC Assets has gained a controlling stake in Singapore food and drink group Fraser and Neave after acquiring more shares in the group. The fund, controlled by Chang beer brewer ThaiBev, said yesterday (30 January) it had acquired an extra 8.6m shares at S$9.55 per share, meaning it now owns a 50.92% stake in the Singapore conglomerate. TCC's bid for the remaining shares has been declared "unconditional in all respects", it said. Meanwhile, F&N shareholders now have until 18 February to tender their shares after the offer deadline was extended. Kirin Holdings , F&N's second largest shareholder with a 14.8% stake, has not yet accepted the offer but will decide by Monday (4 February), The Wall Street Journal reported. Earlier this week, F&N board of directors said they will step down once the TCC takeover is complete. TCC, owned by Thai billionaire Cha...

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