F&N price weakens in absence of OUE offer

Fraser & Neave (F&N) share price ended lower today, as Overseas Union Enterprise (OUE) has not yet filed the much-awaited rival bid.

Share prices weakened, though, as there was no announcement from OUE when the Singapore Exchange closed at 5pm. At the close, the stock ended at S$9.13, down by 0.87 per cent from the previous closing.

Closing at S$9.21 yesterday, F&N share price on the Singapore Exchange today opened at S$9.18 and hit a new high of S$9.24, against the offer by S$8.8 by Charoen Sirivadhanabhakdi-controlled TCC Assets Co Ltd.

Seeking full control of F&N, TCC Assets would need to raise the offer if OUE quotes the offer price above $8.8. TCC Assets had extended the deadline of its offer twice, from Oct 29 to Nov 10 and then to Nov 22.

OUE announced on Nov 7 that it appointed Credit Suisse (Singapore) and Merrill Lynch (Singapore) as its financial advisors and other professionals, to assist OUE in considering its options with respect to F&N. Awaiting the recommendation of its financial advisors, OUE said that it would clarify its intentions no later than Nov 15 by either announcing a firm intention to make an offer for F&N or declaring its intention not to make an offer for F&N.

Meanwhile, F&N announced that it today completed the disposal of interests in Asia Pacific Breweriers Ltd and ASia Pacific Investment to Heineken. After the transaction, the Dutch brewer will hold a 95.3 per cent stake in APB. Heineken also announced that it will make a mandatory general offer for all the shares of APB that

the group does not already own, in accordance with the Singapore Code on Take-overs and Mergers.