Bidding War Breaks Out For Singapore's Fraser And Neave: Top Asian tycoons in race for Singapore's property and

Bidding War Breaks Out For Singapore's Fraser And Neave

forbes.com 16 Nov '12, 12pm

Bidding War Breaks Out For Singapore's Fraser And Neave: Top Asian tycoons in race for Singapore's property and

A royal battle between two top Asian tycoons is underway for a controlling stake in Fraser And Neave, a 129-year old Singapore -listed property and beverage giant. Thai billionaire Charoen Sirivadhanabhakdi , Thailand ’s third richest person and F& N’s biggest shareholder with over a one-third stake, who’s made an open offer of S$8.88 ($7.2) per share, now faces a serious challenger in Stephen Riady, a Singapore property magnate of Indonesian descent. Overseas Union Enterprise , a Singapore-listed property firm controlled by Riady made a counterbid Thursday night of $10.7 billion for F&N, offering S$9.08 ($7.4) per share, in what is likely to be South East Asia’s biggest M&A deal. Riady has secured the backing of Japan ’s Kirin Holdings, F& N’s second largest shareholder with a 14.8% stake, which has agreed to buy the company’s food and beverage business for $2.2 billion i...

Full article: http://www.forbes.com/sites/naazneenkarmali/2012/11/16/bi...

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