SINGAPORE Jan 21 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
For a statement from the Overseas Union-led group and a
related story, click