Overseas Union’s offer, the largest amount ever bid for a Singapore company, tops a $7.1 billion bid for F&N made over the summer by TCC Assets Ltd., an investment vehicle owned by Thai tycoon Chaoren Sirivadhanabhakdi.
F&N is best-known in the region as a maker of food and beverages though it also has substantial publishing and property interests.
Japan’s Kirin Holdings, Asia’s largest beverage maker, holds a 14.8-percent stake in F&N. Kirin has agreed to accept Overseas Union’s bid in return for the right to purchase for itself F&N’s food and beverage business for $2.2 billion, leaving Overseas Union with the remaining businesses. Sirivadhanabhakdi owns 30 percent of F&N and has been trying to acquire the rest.
Sirivadhanabhakdi initial offer to buy a stake in F&N in July also set off a competition with Dutch beer giant Heineken N.V., F&N’s joint venture partner in Asia Pacific Breweries Ltd., maker of Singapore’s Tiger beer. Heineken prevailed with a $4.5 billion offer to buy out F&N and take full control of Asia Pacific.
Drew & Napier partners Gary Pryke and Ralph Lim led the firm’s work for Overseas Union.
Stamford Law Corp.
partners Min-tze Lean and Lian Seng Yap are advising F&N. They also advised the company on its stake sale of Asia Pacific to Heineken.