Dutch brewer Heineken has struck a deal with the makers of Tiger Beer after gaining the support of a Thai billionaire.
Charoen Sirivadhanabhakdi's Thai Beverage and TCC Assets agreed to support the sale of Singapore conglomerate Fraser and Neave's stake in Tiger Beer maker Asia Pacific Breweries to Heineken.
In return, the world's third-largest brewer will not make a general offer for shares in Fraser and Neave, according to a joint statement by the Thai companies and Heineken.
After months of a stand-off between the Thais and the Dutch brewer, Heineken is now on course to take full control of Asia Pacific Breweries.
Fraser and Neave’s board has backed the deal, and its shareholders will vote on the sale of its 40 per cent stake in Asia Pacific Breweries to Heineken on 28 September.
City A.M. Reporter