STOCKS NEWS THAILAND-Tipco Foods surges on takeover hopes

Thu Mar 28, 2013 12:47am EDT

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Shares in beverage firm Tipco Foods Pcl surged 23 percent to an all-time high of 16.1 baht amid expectations of a possible takeover of the company by a group led by Thai billionaire Charoen Sirivadhanabhakdi.

Tipco Foods shares have risen more than 70 percent over the past three sessions after a report by local newspaper Khao Hoon early this week, quoting a financial source as saying the Sirivadhanabhakdi group was in talks with the company's major shareholders about the share purchase.

The company did not confirm the report.

"The company has been executing its business plan that has been approved by the board of directors and there is no plan to alter shareholding structure that is related to the major shareholders," it told the exchange.

The broader SET index was down 0.84 percent.

1131 (0431 GMT)

(Reporting by Viparat Jantraprap in Bangkok; Editing by Sunil Nair)

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