OUE appoints advisers, sets Nov 15 deadline for potential F&N bid

SINGAPORE Wed Nov 7, 2012 4:06am EST

SINGAPORE Nov 7 (Reuters) - Overseas Union Enterprise Ltd (OUE), a hotel and property firm controlled by Indonesia's Lippo Group, said it had appointed Credit Suisse and Merrill Lynch as advisers on a potential bid for Fraser and Neave Ltd (F&N).

"Following discussions with the Securities Industry Council, OUE will clarify its intentions no later than 15 November 2012 by either announcing a firm intention to make an offer for F&N or declaring its intention not to make an offer for F&N," OUE said in a filing to the stock exchange on Wednesday.

Charoen Sirivadhanabhakdi, Thailand's third-richest man, had made a $7.2 billion offer for F&N shares he does not own.

Companies linked to Charoen already control about 36 percent of F&N, whose businesses include properties and soft drinks and dairy products. Japanese food and beverage firm Kirin Holdings Co Ltd owns almost 15 percent of F&N.

Charoen had already extended an original Oct 29 deadline to Thursday, Nov. 8, for his offer due to the low level of acceptance by F&N shareholders. (Reporting by Eveline Danubrata; Editing by Ryan Woo)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.