Brewery surges after Heineken offer
Asia Pacific Breweries rose as much as 18% to S$49.50 before closing up 15% at S$48.49. Fraser and Neave Ltd, or F&N, which owns a 40% stake in the beer maker, gained 4.2% to S$7.92. The stocks were suspended from trade on Jul 20.
Heineken, with 42% of Asia Pacific Breweries, or APB, on Friday said it would pay as much as S$7.5bn to buy out other investors in the Singapore company at S$50 a share, including the stake held by Fraser and Neave. Heineken made the offer to protect its position after Thai Beverage, controlled by billionaire Charoen Sirivadhanabhakdi’s TCC group, offered to buy a 22% stake in F&N, with his son-in-law’s company buying a stake in APB.
