Kirin to sell entire stake in Singapore’s F&N
SINGAPORE (AFP) – Japanese beverage giant Kirin said Friday it will sell its entire 15 per cent stake in Singapore’s Fraser and Neave (F&N) to a Thai tycoon on the verge of taking full control of the conglomerate.
Tokyo-based Kirin said in a statement on its website it will earn Sg$2.03 billion ($1.64 billion) from the sale of its 14.76 per cent F&N stake to TCC Assets, a firm controlled by Thai billionaire Charoen Sirivadhanabhakdi.
TCC Assets emerged the sole bidder for F&N after its Indonesian rival, Overseas Union Enterprise (OUE), last month pulled 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 F&N’s food and beverage business if the Indonesian bid had been successful.
“With the recent major change in F&N’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 F&N as Kirin’s core partner,” the statement read.
“Accordingly (Kirin) has decided to sell Kirin’s shares in F&N,” it added.
With the sale, Charoen will move closer to taking full control of beverage, property and publishing conglomerate F&N after gaining majority ownership of over 50 per cent on Wednesday.