Heineken agrees deal to take control of APB

City A.M. Reporter
Global brewer Heineken agreed a $4bn-plus (£2.6bn) deal today to take control of Asia Pacific Breweries (APB) by agreeing to buy a stake in the Singapore-based brewer from partner Fraser and Neave (F&N) said sources with knowledge of the situation.

Heineken had given F&N a deadline of today to agree to a sale, and a deal has been agreed in principle and has gone to the F&N board for rubber-stamping, they said.

The deal was slightly ahead of Heineken's initial offer of S$50 a APB share, but no further details were available.

"The deal has been agreed by Heineken and F&N's management, and the agreement will now go for approval by the F&N board and then be announced officially," said one of the sources.