Heineken wins shareholder approval for Tiger beer takeover
- 28 September 2012
- From the section Business
Shareholders in Singapore-based conglomerate Fraser and Neave have voted to sell the company's beer business to Heineken.
The Dutch brewer will take control of Asia Pacific Breweries (APB), which makes the popular Tiger beer.
The decision comes after a battle between Heineken and Thai billionaire Charoen Sirivadhanabhakdi for the strategic asset.
Asia is the fastest growing market globally for beer.
APB is behind some of the most popular beers in the South East Asia region, including Bintang in Indonesia and Anchor.
Heineken already had a 56% stake in APB, while Fraser and Neave held about 40%.
The battle for control of the Asian brewer began in July, when companies linked to Mr Sirivadhanabhakdi bid for stakes in Fraser and Neave as well as APB.
That prompted Heineken to protect its assets in the region by trying to gain full control of APB, which has been a joint venture between Fraser and Neave and Heineken for decades.
After a series of moves that analysts called a bidding war for control of APB, on 19 September Mr Charoen's companies said they would support the Heineken bid.
In August, Heineken offered 5.6bn Singapore dollars ($4.6bn; £2.8bn), or S$53 a share. That was up from an earlier offer of S$50.
The Heineken takeover still requires approval from Singapore regulators.