F&N agrees Heineken bid

Fraser & Neave has agreed to sell its share in Asia Pacific Brewery to Dutch brewer Heineken for £2.7 billion.

Heineken was forced to increase its original bid from 50 to 53 Singaporean dollars per share after rising offers from its chief rival Thai Bev.

Nonetheless, F&N agreed to hand over its 40% share in APB this weekend although the transaction is still subject to shareholder approval.

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Shares in Heineken fell last Friday as fears rose that it would end up paying too much for APB – this comes in contrast to the rise in shares a few weeks ago when it appeared its original offer would be accepted.

City A.M. reported that the final price of S$53 is 1.5 times the one-month average of APB’s shares.