ThaiBev Confirms Takeover Reports

INVESTMENT

ThaiBev confirms takeover reports

The Nation

BANGKOK: -- Thai Beverage Plc has confirmed the news reports that it is in negotiation with Singapore-based Overseas-Chinese Banking Corpo (OCBC) and its insurance arm Great Eastern Holdings Ltd.

In a statement to the Singapore Exchange, Thapana Sirivadhanabhakdi, president and CEO, said that at this moment, there is no definitive binding agreement for the takeover.

"There is no certainty or assurance as at the time of this announcement that definitive agreements will be entered into in connection with the potential transaction or that the

potential transaction will materialise. Shareholders and potential investors of the company are advised to exercise caution when dealing in the shares of the company," he said in the statement.

Bloomberg yesterday reported that ThaiBev is seeking to acquire Fraser and Neave and Asia Pacific Breweries worth 2.85 billion Singapore dollars (Bt71.25 billion), quoting two people with knowledge of the matter. The stake in Fraser and Neave was worth S$2.1 billion as of yesterday's closing price in Singapore, while the Asia Pacific Breweries holding was valued at S$757 million. OCBC, Singapore's second-biggest bank, and Great Eastern hold 18.2 per cent of Fraser and Neave and 7.92 per cent of Asia Pacific Breweries, according to their filing.

-- The Nation 2012-07-18