Family-controlled drinks company Heineken is facing a possible bidding war as it attempts to buy out Asia Pacific Breweries, the maker of Tiger Beer.
The Dutch company had offered conglomerate Fraser and Neave S$50 (€33.50) for its stake in APB.
But on 7 August, a group linked to one of Thailand’s richest men, Charoen Sirivadhanabhakdi, made a surprise counterbid, driving APB’s share price to S$52.20, well over the price offered by Heineken.
Kindest Place, owned by Sirivadhanabhakdi’s son-in-law Chotiphat Bijananda, has offered S$55 a share.
In a statement on 8 August, Heineken, controlled by fourth-gen Charlene de Carvalho-Heineken, said it is continuing discussions with Fraser and Neave, adding the other offer “is not comparable” to Heineken’s.
This is because, upon completion of Heineken’s offer, the beer-maker said it would make a mandatory general offer for the remaining shares in APB that it doesn’t own “for a total consideration of up to S$2.4 billion”.
“The aggregate consideration under the Heineken and the MGO will be up to S$7.7 billion. In contrast, the total consideration to F&N under the unsolicited offer would be S$1.0 billion,” it said.
Meanwhile, luxury good group PPR, controlled by the Pinault family, recently sold almost 30% of distribution firm CFAO to Japanese conglomerate Toyota Tsusho Corp. The move was part of the family business’s efforts to pays down debt and find new acquisitions in the luxury and lifestyle sectors. Toyota Tsusho paid €37.50 a share for the stake in CFAO.