in the news

Both F&N bidders target Jan 21

The battle to take over Singapore property and drinks conglomerate Fraser and Neave was prolonged yet again yesterday when Thai billionaire Charoen Sirivadhanabhakdi extended his offer for the seventh time, to January 21, matching the extension of rival bidder Overseas Union Enterprise to the same date.

January 21 is the deadline for the offers to be finalised under Singapore's takeover rules, according to F&N spokeswoman Elaine Lim.

OUE made its counter-bid of 13.1 billion Singapore dollars (Bt321 billion), or S$9.08 per share, for F&N in November, higher than Charoen's S$8.88-per-share offer.



Stability stressed

Were it not for the political instability of the past few years, Moody’s Investors Service could have upgraded Thailand’s sovereign credit rating a long time ago, said Ekniti Nitithanprapas, deputy director-general of the Fiscal Policy Office.

In an interview with Krungthep Turakij TV yesterday, he said the rating should have been upgraded because of strong economic fundamentals. Given that political stability has returned to the Kingdom, Moody’s should be less concerned and come up with the long-awaited upgrade, he said. - The Nation

Gold peak seen

Danske Bank and Credit Suisse Group, the most accurate gold forecasters, say prices of the precious metal will probably peak this year, while their nearest rival, UniCredit, sees no end in sight to the 12-year bull market.

Gold will average US$1,720 an ounce this year and $1,600 in 2014, said Christin Tuxen of Danske Bank in Copenhagen, who came closest to predicting moves in the past eight quarters, according to data compiled by Bloomberg. - Bloomberg