Fraser And Neave falls after Thai billionaire wins control
SINGAPORE (Reuters) - Shares of Fraser and Neave Ltd (F&N) (FRNM.SI) fell 2 percent on Tuesday after a group led by a Thai billionaire won the takeover battle for the Singapore drinks and property conglomerate in a deal worth around S$13.8 billion ($11.24 billion).
A group led by Stephen Riady's Overseas Union Enterprise Ltd (OVES.SI) withdrew after Thailand's TCC Assets Ltd, headed by billionaire Charoen Sirivadhanabhakdi, raised its offer for F&N to S$9.55 a share last week and built its stake to more than 40 percent.
By 0102 GMT, F&N was trading at S$9.55 on volume of 44.8 million shares, of which around 37.4 million changed hands in a bloc deal. Overseas Union shares rose 4.4 percent to S$2.86, their highest in over three months.
On Monday, F&N shares had risen 1.7 percent to close at S$9.74, indicating Overseas Union's withdrawal was not expected by all in the market and some investors were betting on a counterbid.
($1 = 1.2283 Singapore dollars)
(Reporting by Charmian Kok)
- A former SAC Capital Advisors trader, set to go on trial next month on insider trading charges, wants to cite in court some 2012 testimony given by the hedge fund's founder Steven Cohen, claiming it rebuts the government's case.
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.