Kirin Holdings will sell its entire 15 per cent stake in Singapore's Fraser and Neave (FN) to Thai tycoon Charoen Sirivadhanabhakdi, in the deal worth 2.03 billion Singapore dollar or about Bt48.7 billion.
The Japanese beverage giant said in a statement that it will sell all 14.76 per cent FN stake to TCC Assets, the business arm of Charoen which is taking control of FN. At the end of last month, TCC Assets has built up its stake in FN above 50 per cent.
Kirin's decision followed the decision by another bidder for FN, Overseas Union Enterprise (OUE), to pull out of a rare auction called to resolve a protracted battle for the Singapore firm. Kirin had backed OUE's offer with an eye on acquiring FN's food and beverage business if the Indonesian bid had been successful.
"With the recent major change in FN's ownership structure, weighted heavily to TCC, Kirin has determined that it would be difficult to implement its integrated beverages strategy in Southeast Asia with FN as Kirin's core partner," the statement read.
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Source: http://www.news.thethailandlinks.com/2013/02/01/kirin-sells-out-fn-stake/
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