January 3, 2013 / 6:41 AM / 5 years ago

Overseas Union group extends Fraser and Neave offer to Jan 14

SINGAPORE, Jan 3 (Reuters) - A group led by Singapore property firm Overseas Union Enterprise Ltd extended its S$13.1 billion ($10.7 billion) offer for Fraser and Neave Ltd (F&N) to Jan. 14, prolonging its battle with Thai billionaire Charoen Sirivadhanabhakdi.

On Wednesday, Charoen’s group extended his $7.2 billion offer to take over F&N, a Singapore property and drinks conglomerate, for the fifth time until Jan. 10.

Charoen owns a combined 34 percent of F&N through Thai Beverage PCL and TCC Assets Ltd, and is trying to increase his stake in F&N to more than 50 percent to foil the Overseas Union group’s counterbid.

The Overseas Union consortium made a S$9.08 per share counterbid for F&N in November, higher than the Thais’ S$8.88 offer in September to acquire F&N shares they did not already own.

F&N shares have been trading above both offer prices with the market expecting a higher offer. The stock was down 0.21 percent at S$9.65 in late afternoon trade on Thursday. ($1 = 1.2204 Singapore dollars) (Reporting by Eveline Danubrata)

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