STOCKS NEWS SINGAPORE-ThaiBev hits record as Fraser and Neave eyed
Shares of Thai Beverage PCL jumped to a record high as the company's chairman, Thai billionaire Charoen Sirivadhanabhakdi, is inching closer to taking over Singapore property and drinks group Fraser and Neave Ltd.
Thai Beverage shares rose as much as 7.1 percent to S$0.53, with more than 57 million shares traded, 2.3 times the average full-day volume over the past 30 days.
Charoen is set to gain control of F&N after amassing a 46.4 percent stake through TCC Assets Ltd and Thai Beverage since July last year.
His offer for F&N shares that he does not already own, which values the Singapore conglomerate at S$13.75 billion ($11.2 billion), will turn unconditional if the Thais secure a stake of more than 50 percent.
Analysts say Charoen is likely to tap F&N's network in Singapore and Malaysia to distribute Chang Beer, brewed by Thai Beverage, as well as spirits, energy drinks and instant coffee. In Thailand, where he already has an edge, Charoen may in turn market F&N's brands.
0954 (0154 GMT)