TCC Assets moves one step closer to F&N takeover
By Yvonne Chan | Posted: 30 January 2013 1943 hrs
SINGAPORE: TCC Assets is yet another step closer to gaining full control of Fraser & Neave (F&N).
In a statement to the Singapore Exchange on Wednesday, TCC Assets said it had purchased an additional 3.3 million F&N shares (0.23 per cent) at S$9.55 per share on January 29.
Together with Singapore-listed ThaiBev, TCC Assets now owns 46.36 per cent of F&N (not inclusive of acceptances).
Earlier this week, F&N said Thai tycoon Charoen Sirivadhanabhakdi's revised offer of S$9.55 per share for the drinks and property conglomerate was "fair". The company added that its chairman Lee Hsien Yang and three other independent directors, who hold the firm's shares, intend to accept the revised offer.
On Tuesday, F&N's board of directors said they would resign after the close of the revised offer next week to allow the Thai tycoon to decide on the future direction of the company.
Meanwhile, Mr Charoen's TCC Group is reportedly planning to raise as much as 50 billion baht (US$1.7 billion) by injecting two Bangkok property assets into funds.
Mr Charoen has offered S$9.55 for the remaining F&N shares. This values F&N at around S$13.8 billion. His offer lapses on February 4.
-CNA/ac
- wong chee tat :)
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