OUE bids S$13.1 billion for Singapore's F&N, tops Thai offer

Thu Nov 15, 2012 8:13am EST

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(Reuters) - Overseas Union Enterprise Ltd (OVES.SI) launched on Thursday a S$13.1 billion ($10.71 billion) offer for Singapore property and drinks conglomerate Fraser and Neave Ltd (FRNM.SI), trumping a bid from Thailand's third-richest man.

OUE, a hotel and property firm controlled by Indonesia's Lippo Group, said it would pay S$9.08 for each F&N share, bettering the Thai's S$8.88 per share offer.

($1 = 1.2227 Singapore dollars)

(Reporting by Sayantani Ghosh in Bangalore; Editing by Saumyadeb Chakrabarty)