Temasek sold its stake of about 1.4 percent to Amsterdam- based brewer Heineken for S$53 a share, said one of the people, who asked not to be identified because the transaction hasn’t been publicly announced.
Heineken, which already owns 42 percent of Singapore-based APB, offered to buy Fraser & Neave Ltd.’s 40 percent stake in the company for S$53 a share to prevent a company connected to a Thai billionaire from disrupting the Dutch brewer’s control. F&N’s board advised shareholders to accept the offer, which values the stake at about S$5.6 billion ($4.5 billion), it said in a statement Aug. 18. Heineken had previously offered S$50 a share for the brewer of Tiger beer.
Heineken’s shares rose as much as 1.8 percent to 44.64 euros and were up 1.1 percent at 4:22 p.m. in Amsterdam. Reuters reported the stake sale earlier today.
Heineken wants full ownership of APB, which it has controlled via a joint venture with F&N since 1931, to protect its sales and distribution network in the emerging markets of southeast Asia. It made an offer after Thai billionaire Charoen Sirivadhanabhakdi and a company controlled by his son-in-law bought stakes in both APB and F&N.
Heineken’s offer for F&N’s stake is subject to approval of shareholders at an extraordinary general meeting, after which it will make a mandatory general offer for the remaining shares, which would have included Temasek’s.
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