Overseas Union-led group withdraws from F&N takeover battle

SINGAPORE Jan 21 (Reuters) - A group led by Overseas Union Enterprise Ltd bowed out of a multi-billion dollar takeover battle for Fraser and Neave Ltd, saying it was not willing to raise its offer price substantially to gain control of F&N following the recent property cooling measures by the Singapore government.

The Overseas Union group led by Indonesian tycoon Stephen Riady said it had decided not to raise its S$9.08-per-share offer for F&N to gain more than 50 percent of the Singapore property and drinks conglomerate.

This paves the way for Thai billionaire Charoen Sirivadhanabhakdi to win full control of F&N, after he increased his takeover offer to S$9.55 per share and raised his stake in the company to more than 40 percent.

Overseas Union Group said it will explore and pursue other acquisition opportunities.

For a statement from the Overseas Union-led group and a related story, click