ThaiBev hikes stake in F&N in Heineken fight

City A.M. Reporter
THAI Beverage has raised its stake in Fraser and Neave to just below the level that would trigger a mandatory offer for the whole company, showing its commitment to blocking Heineken’s bid for Asia Pacific Breweries.

ThaiBev, controlled by billionaire Charoen Sirivadhanabhakdi, said yesterday it had bought a 2.6 per cent stake in Fraser and Neave for $316m to bring its interest to 29 per cent. If it hit 30 per cent it would be obliged to bid for the whole of the Singapore conglomerate.