While the industry is still waiting for F&N to decide whether it will accept Heineken’s offer of S$50 (US$40) per APB share, which expires today, the talk of the market is that Coca-Cola is eyeing F&N’s soft drinks unit, which makes F&N Fun Flavors and 100 Plus.
The acquisition, if successful, would give Coca-Cola the biggest share of soft-drink sales in Malaysia and Singapore. Japan's Kirin Holdings, another stakeholder in F&N, is rumoured to be in the fight with Coca-Cola as well.
Kirin, which has about a 15 per cent stake in F&N, is also in the mix for the APB stake, against Heineken.
Shares in both F&N and its unit Asia Pacific Breweries (APB) were suspended yesterday pending a decision on Heineken’s offer.
Banking group OCBC Bank and its insurance subsidiary Great Eastern Holdings agreed to sell their combined stakes in F&N and APB, amounting to 18.1 per cent of the companies, to Thai Beverage (ThaiBev), the brewer of Chang Thai Beer, in a deal worth a total of S$3.2 billion (US$2.56 billion).
For ThaiBev, the acquisition allows it to gain exposure to high-growth Southeast Asian markets. The company is controlled by Thai billionaire Charoen Sirivadhanabhakdi's TCC Group. Sirivadhanabhakdi and his other related company are also buying additional stake of 11.7 per cent from Lee Rubber Company, OCBC Bank and Great Eastern.
It is understood that F&N is seeking a higher price from Heineken, which already owns a 42 per cent stake in APB.
