Heineken moves closer to control of APB

Dutch brewer Heineken has cleared a major hurdle in its attempt to control Asia Pacific Breweries (APB) after rival ThaiBev agreed to support its bid.

After two months of competing offers for control of the company, Heineken and ThaiBev have reached an agreement on the future of Singapore-based group Fraser & Neave and its share of APB, the brewer of Tiger beer.

ThaiBev, owned by Thai billionaire Charoen Sirivadhanabhakdi is the largest single shareholder in Fraser & Neave with more than 30% of shares, and has now approved the sale of F&N’s 40% share in APB to Heineken.

Heineken, in return, has agreed that it will not make an offer for shares in the remaining interest of parent company F&N, which ThaiBev is interested in acquiring. F&N is involved in Asian property and soft drinks, outside its involvement with APB.

Heineken spokesman John-Paul Schuirink said the latest agreement “significantly improves our level of certainty that our offer will be accepted.”