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F&N, OUE shares rise after OUE-led group launches F&N bid
November 16, 2012 / 1:20 AM / 5 years ago

F&N, OUE shares rise after OUE-led group launches F&N bid

SINGAPORE, Nov 16 (Reuters) - Shares in Overseas Union Enterprise Ltd rose 3.9 percent and Fraser and Neave Ltd (F&N) edged up 1.5 percent after a consortium led by OUE launched a S$13.1 billion ($10.7 billion) bid for F&N, trumping a takeover offer from firms linked to Thailand’s third-richest man.

The counter bid sets the stage for a showdown between the consortium and the Thais as they seek to unlock value in the Singapore conglomerate, which owns a large property portfolio, lines of popular drinks and other businesses.

F&N shares rose to S$9.28 and traded above the OUE-led consortium’s offer of $9.08 per share. The Thais had offered S$8.88 a share.

The new offer, made at a discount to F&N’s closing price of S$9.13 on Thursday, values the company in the middle of the S$11.9 billion-16.1 billion range estimated by F&N’s independent financial adviser, JP Morgan. (Reporting by Anshuman Daga)

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