Singapore:A Thai tycoon on Monday moved closer to taking over Singapore conglomerate Fraser and Neave (F&N) after his Indonesian rival pulled out of a rare auction.
The offer by TCC Assets, controlled by Thai billionaire Charoen Sirivadhanabhakdi, is still subject to approval by F&N shareholders.
Property firm Overseas Union Enterprise (OUE), linked to Indonesian tycoon Mochtar Riady, said in a statement after the stock market closed Monday that it was not revising its offer, which was topped by TCC at the weekend.
This prompted stock market watchdog the Securities Industry Council to declare that the auction has ended.The council called the rare auction to resolve a protracted battle for F&N after it sold off its most prized asset, Tiger Beer maker Asia Pacific Breweries, to Dutch giant Heineken in September.
At stake are F&N's property, beverages and publishing operations.OUE in mid-November offered to buy F&N shares at Sg$9.08 (US $7.41) apiece, trumping an original bid by TCC of Sg$8.88.But on Saturday, TCC raised its offer for F&N shares it does not already own to Sg$9.55.OUE is controlled by Indonesia's Lippo Group founded by Riady. His son Stephen is its executive chairman.