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Thai billionaire Charoen Sirivadhanabhakdi launched a US$7.2 billion offer to buy out other shareholders of Fraser and Neave Ltd (F&N), potentially derailing Heineken NV\'s bid to take full control of F&N\'s prized beer business.
Mr Charoen\'s move to take over the Singapore drinks-and-property group before a key F&N shareholders vote has raised doubts on whether the sale of F&N\'s 40 perc ent stake in Asia Pacific Breweries Ltd (APB) is a done deal as predicted by industry watchers just a week ago.
Thailand\'s third-richest man, who controls 30.36 per cent of F&N, needs a simple majority of votes at the meeting on Sept 28 to overturn the deal that F&N\'s board and the Dutch brewer reached on Aug 18. That means Heineken needs to rally shareholders with a collective interest exceeding Mr Charoen\'s stake to push through its US$6.3 billion purchase of all the shares in the Tiger beer maker, including F&N\'s APB stake.
Mr Charoen, who holds a stake in F&N through Thai Beverage PCL, is launching the takeover of the Singapore group through a separate company TCC Assets Ltd.
