Chang Beer Owner Thai Beverage Acquires Fraser & Neave
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MyBeer Buzz
In what is being billed as the biggest deal in the beverage sector in Asia and the 2nd largest in the world (2nd only to the AB/InBev Modelo deal) Thai Beverage (makers of Chang Beer) has acquired food & beverage company Fraser & Neave. This deal also has a family connection to the Tiger Beer deal that Heineken was recently protesting. Details from The WallStJournal:
Thai Beverage PCL, brewer of Chang beer, has completed its acquisition of a stake in Singapore’s Fraser & Neave Ltd., propelling into the big league of acquirers this year.
ThaiBev has agreed to buy a 22% stake in food and beverage company F&N from Oversea-Chinese Banking Corp. and its insurance unit Great Eastern Holdings Ltd. Separately, Kindest Place Groups Ltd. will buy an 8.6% stake in F&N and Heineken NV’s joint venture Asia Pacific Breweries, brewer of Tiger beer. The owner of Kindest Place is the son-in-law of ThaiBev founder and chairman Charoen Sirivadhanabhakdi, Thailand’s second-richest person according to Forbes.
The offer price of S$8.88 per share by ThaiBev for the F&N stake is a 12% premium to Wednesday’s closing price of S$7.96 on the Singapore Exchange while the S$45 offer price for the APB stake is an 18% premium to the S$38.10 closing price.
According to Dealogic data, Singapore-listed ThaiBev’s acquisition of the F&N stake is the biggest deal in the food and beverage sector in Asia-Pacific this year, and the seventh-largest globally. Kindest Place’s purchase of the 8% stake in APB is the fourth-largest in the region in 2012.
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