F&N fails to get shareholder support for capital reduction
SINGAPORE, Sept 28
SINGAPORE, Sept 28 (Reuters) - Singapore's Fraser and Neave Ltd (F&N) failed to get the required 75 percent vote in favour of its plan pay out S$4 billion ($3.3 billion) to its shareholders after the sale of its beer business, Asia Pacific Breweries Ltd (APB), to Heineken NV.
About 54.3 percent of shareholders voted in favour of the capital reduction plan, below the 75 percent required for the proposal to go through.
F&N's biggest shareholders - companies linked to a Thai billionaire - had said earlier this week that they will vote against the capital reduction plan.
The Thai group, which owns a combined 30.7 percent stake in F&N, has made a $7.2 billion bid to take over the Singapore conglomerate, which also has interests in soft drinks, dairy products, property and publishing. ($1 = 1.2281 Singapore dollars) (Reporting by Eveline Danubrata and Kevin Lim; Editing by Ryan Woo)
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