Reuters: Global Markets: Fraser & Neave shares jump nearly 5 percent after bid from Thai group

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Fraser & Neave shares jump nearly 5 percent after bid from Thai group Sep 13th 2012, 07:35 SINGAPORE | Thu Sep 13, 2012 3:35am EDT SINGAPORE (Reuters) - Shares in Fraser & Neave Ltd (F&N) (FRNM.SI) rose nearly 5 percent after Thai billionaire Charoen Sirivadhanabhakdi launched a $7.2 billion offer to buy out other shareholders of the Singapore conglomerate, potentially derailing Heineken NV's (HEIN.AS) bid to take full control of F&N's prized beer business. F&N shares rose to a record high of S$8.94 on Thursday and traded above the offer price of S$8.88 per share in a flat market .FTSTI. The shares were suspended for trading earlier in the day. Charoen's move to take over the Singapore drinks-and-property group before a key F&N shareholders vote has raised doubts on whether the sale of F&N's 40 percent stake in Asia Pacific Breweries Ltd (APB) (APBB.SI) is a done deal as predicted by industry watchers just a week ago. Thailand's third-richest man, who controls 30.36 percent of F&N, needs a simple majority of votes at the meeting on Sept 28 to overturn the deal that F&N's (FRNM.SI) board and the Dutch brewer reached on Aug 18. That means Heineken needs to rally shareholders with a collective interest exceeding Charoen's stake to push through its $6.3 billion purchase of all the remaining shares in the Tiger beer maker, including F&N's APB stake.

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