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Thai Beverage targets Singapore companies
Thailand’s biggest beer maker Thai Beverage has bid to to pay US$2.2 billion for Fraser & Neave Ltd. shares held by Oversea-Chinese Banking Corp. and its partners.
The Thai company will buy 313 million Fraser & Neave shares at S$8.88 each, or about 22% of Singapore’s biggest beverage maker from OCBC, according to a statement.
Brewers including Asahi Group Holdings and Kirin Holdings have said they’re targeting takeovers in Southeast Asia, where young populations and growing economies are spurring beer sales.
The biggest beverage deal this year was Anheuser-Busch InBev NV’s $20.1 billion acquisition of Mexico’s Grupo Modelo SAB. Molson Coors Brewing Co.’s $3.5 billion purchase of Czech brewer StarBev LP was the fifth-biggest.
The deal is the latest as ThaiBev looks to diversify first outside of alcoholic drinks, as well as outside of Thailand. The company bought local bottler and soft-drink maker Serm Suk last year.