Charoen’s Fraser & Neave Takeover Was Years in the Making

Thai billionaire Charoen Sirivadhanabhakdi’s $11.2 billion takeover of Singapore’s Fraser & Neave Ltd., clinched after a rival bid was dropped at the last minute, was more than three years in the making.

Charoen debated an investment in the 130-year-old conglomerate as early as mid-2009 as he considered expanding outside Thailand, said four people with knowledge of the matter who asked not to be identified because the talks were private. A decision was put on hold amid doubts that pivotal F&N shareholders, including Oversea-Chinese Banking Corp., would be willing to sell, the people said.