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Heineken clears another hurdle in APB battle
Heineken has inched closer to its objective of majority control of Asia Pacific Breweries.
The Dutch company said today (25 September) that it had completed the purchase of an 8.6% stake held by Kindest Place Groups (KPG) in a deal worth US$959 million.
Heineken said in a statement that it had, “completed the purchase of 22,207,130 shares in Asia Pacific Breweries Limited held by Kindest Place Groups Limited.”
KPG is controlled by the son-in-law of Thai Bev owner, Charoen Sirivadhanabhakdi.
Sirivadhanabhakdi was slated to be Heineken’s major competitor in the battle for APB and has certainly been a thorn in the brewer’s side, costing it far more money that it may have originally wished.
However, last week Thai Bev, now a major shareholder in Fraser & Neave, announced that it would support Heineken’s bid to control APB.