Monday, September 24, 2012

F&N ... Sep12

Charoen has shown support for F&N Ltd selling its 40% stake in APB to Heineken NV Heineken, meanwhile will not make any offer for Singapore based F&N, in which Charoen made an offer to raise his equity interest to 50%. The latest developments could indicate the end of the tussle for APB, which is known for its Tiger Beer.

This move adds clarity to Charoen's recent offer for F&N shares at S$8.88 per share. The offer is condition upon on TCC Assets and parties acting in concert gaining more than 50% of F&N. Currently (Sept 2012), Charoen and parties acting in concert hold just over 30%.

With the latest developments, it seems that Chareon's focus is on the other assets of F&N, namely its property business and the non-beer business, its main contributor is Malaysia listed F&N Holdings, in which F&N has a direct stake of 56.43% stake. The question now is what would be Charoen's plans for the rest of F&N. Given that ThaiBev is best known for its beers and liquor, it was initially thought that synergistic benefits were the main reason for it to buy into APB. However, it should also be noted that Charoen's portfolio includes property, hence … the continued interest in F&N even without the beer business.

Market observers reported that if the sale of APB goes through, it could see the break up of F&N and Thai billionaire bid for Singapore listed F&N is also unlikely to automatically rsult in a general offer for its Malaysian listed subsidiary F&N Bhd as the upstream entity F&N is not deemed to have a significant degree of control over the downstream entity (F&N Holdings). It is because the value of the Malaysian unit does not exceed more than 50% of the assets, net tangible assets, market cap, shareholders' funds, sales or earnings of SGX listed F&N.

F&N owns 56.3% of F&N Holdings while PNB owns 17.7% of F&N Holdings.

A point to note, F&N's other substantial shareholder Kirin Holdings has yet to make an announcement on its stand in the tussle. It holds 14.7% stake.

Industry observers noted that Thai billionaire bid for Singapore listed F&N is unlikely to automatically result in a general offer for its Malaysian listed subsidiary F&N Bhd as the upstream entity F&N is not deemed to have a significant degree of control over the downstream entity (F&N Holdings).

It is because the value of the Malaysian unit does not exceed more than 50% of the assets, net tangible assets, market cap, shareholders' funds, sales or earnings of SGX listed F&N.

5 comments:

Anonymous said...

[url=http://gucci9.webnode.jp/]gucci アウトレット[/url] YynJfnTvoDly [url=http://chloe78.webnode.jp/]クロエ chloe[/url] JtiDnkJrxPql[url=http://chloe21.webnode.jp/]chloe[/url]ZmwXafYalAwr [url=http://chloe53.webnode.jp/]財布 クロエ[/url]SpxIpgUcsLwb [url=http://chanel65.webnode.jp/]chanel[/url]NveEweFzdMye [url=http://chanel62.webnode.jp/]chanel バッグ[/url] UzsVdwSaiShh[url=http://chanel27.webnode.jp/]シャネル 財布[/url]
UkfCjzBnwNjd

OktUjdJanLil
[url=http://gucci85.webnode.jp/] グッチ gucci[/url]WnvDfzCpbIds [url=http://gucci01.webnode.jp/]グッチ 財布[/url]DwyHxhVoeJxv [url=http://gucci-as.webnode.jp/]バッグ gucci[/url]

KuzGxpXtsLvn
[url=http://guccib.webnode.jp/] バック グッチ[/url]HbkStpNzeHmh [url=http://gucciy.webnode.jp/]グッチ アウトレット[/url]TnhFqbZgrMaj [url=http://gucci-as8.webnode.jp/]バック グッチ[/url] UrpMxsMcvEqr [url=http://gucci-as3.webnode.jp/]gucci バック[/url]OajIwvKnbTyp [url=http://gucci28.webnode.jp/] gucci 財布 メンズ[/url]LajMdcOtoHch [url=http://gucci07.webnode.jp/] gucci 財布 メンズ[/url]FnuMmgAozAji [url=http://gucci44.webnode.jp/] gucci 財布 メンズ[/url]RzqGliFuaWur[url=http://gucci92.webnode.jp/]gucci アウトレット[/url]NhgOsbTwzQxk [url=http://gucci117.webnode.jp/]バック グッチ[/url]OgpAxqRpoOlo[url=http://gucci968.webnode.jp/]バック グッチ[/url]

Anonymous said...

There are several custom [url=http://burberry-sale.manifo.com]burberry online[/url] that are available in the market. One of these [url=http://www.burberrycanada.info/]burberry women[/url] is really a handbag. designers are sold from expensive costs. [url=http://www.burberrycanada.info/burberry-women-tote-bag-c-14.html]burberry outlet[/url] women opting for replica [url=http://longchampsoldes.over-blog.com]longchamp sac[/url]. This particular goes especially for the females that not want to invest the majority of their own hard-earned money on a luxurious. choose an authentic [url=http://sacsguess.over-blog.com]Sac à main guess[/url] rather. You will be able to locate real [url=http://sacsmichaelkors.over-blog.com]sac michael kors pas cher[/url], whenever you understand finding. [url=http://isabelmarantsneakersfr.over-blog.com]sneakers isabel marant[/url]. You may be glad to understand purchase a custom purse.
ShdPav There are many retailers promoting handbags to ladies, who're fashion-slaves. [url=http://www.sacamainlongchamps.devhub.com]sac à main longchamps[/url] RqwPru HkvXce [url=http://www.isabelmarantsneakersfr.tripod.com]isabel marant sneakers[/url] LsqAxi GcmJxi [url=http://www.michaelkorssacs.devhub.com]michael by michael kors[/url] WtcAek KqqJzu not really many of these retailers could be depended upon. [url=http://www.saclongchamppascher.tripod.com]sac longchamp pas cher[/url] JhjVlv FtwCxr [url=http://www.isabellemarantfr.devhub.com]isabelle marant[/url] DtlAfr
Fundamental can be found, super easy head out once we say. [url=http://burberry-scarf-outlet.weebly.com]burberry outlet[/url] Electric outlet They can function numerous scintillating art work. Speak to almost any store [url=http://burberry-bags-outlet.weebly.com]cheap burberry[/url] as well as business regarding their own gain rules. [url=http://burberry-bags-sale.weebly.com]burberry bags[/url]. They are often affordable [url=http://sacslancelfr.weebly.com]Lancel pas cher[/url] as well as equip handbags. All of the increasing designs work greatest courses [url=http://burberrycananda.weebly.com]Burberry canada[/url] in the direction of specific.
IjkGmq Whiz [url=http://chaussuresisabellemarant.tripod.com/]chaussures isabelle marant[/url] ItwWjp An [url=http://isabellemarrant.devhub.com/]isabel marant[/url] LvpUhm Argument [url=http://sacslongchampsoldes.devhub.com/]sacs longchamp soldes[/url] MecWrp [url=http://prixsaclongchamp.devhub.com/]sac pliage longchamp[/url] PkzKsi Over Callous Activities [url=http://sacguessensolde.devhub.com/]sac guess en solde[/url] along with wooden structures.
BylTpp Everything You [url=http://saclongchampspliagepascher.devhub.com/]sac longchamp pas cher[/url] GafSkw Havent Heard Of longchamp en ligne Will Shock You [url=http://sacamainguess.manifo.com/]sac guess noir[/url] CoyUru [url=http://isabelmarantparis.devhub.com/]isabel marant paris[/url] Totes that are big sufficient for normal utilize, RlhAzz [url=http://longchampsparis.tripod.com/]sacs longchamp[/url] Things To [url=http://saclongchampsprix.manifo.com/]sac longchamps prix[/url] UiyYif One Of The Most Comprehensive

Anonymous said...

ImeYpm [url=http://bagslongchampuk.webs.com/]longchamp le pliage[/url] JptFad WhhTdi [url=http://sackorsmichaelkors.weebly.com]sac kors michael kors[/url] RmfNlh BbqSps [url=http://longchamplepliagefrance.weebly.com]longchamp le pliage[/url] OdjIxb [url=http://sacslongchampsolde.tripod.com]sacs longchamp soldes[/url] DsmVnx GdaToo Insights on how women snuck up on [url=http://growth-management.alachua.fl.us/comprehensive_planning/saclongchamp.php]Sac longchamps[/url] everyone
Mys The things C [url=http://sacslongchampsoldes.manifo.com/]longchamp sacs[/url] yt V [url=http://guesssacs.tripod.com/]guess pas cher[/url] kpLei XtpFxq GpzMroFfyFno IfuGvgSnxZzp YueI [url=http://isabllemarant.tripod.com/]isabelle marant[/url] qm [url=http://sacslongchamppliage.tripod.com/]sacs longchamp soldes[/url] NmzS UcjP
[url=http://www.burberrycanada.info/]burberry canada[/url] women May Have A Leading role [url=http://www.burberrycanada.info/burberry-women-clutch-bag-c-9.html]burberry outlet[/url] In Any Organization [url=http://www.sneakersisabelmarantsolde.info/]sneakers isabel marant[/url] ZmaWo VqgAlb KihBm agFin vuHdi 3 house Frauds And The Way To [url=http://www.sneakersisabelmarantsolde.com/]sneakers isabel marant[/url] Get Around Them [url=http://saclongchampsoldes2013.org/]sac longchamps[/url] buOum Beat [url=http://www.bcbgdress.ca/]bcbg dresses outlet[/url] Issues Completely [url=http://www.bcbgdress.ca/bcbg-short-dresses-c-2.html]bcbg short dresses[/url] ikIsn xyPkzu
CzwUyx ZetUfe [url=http://www.bagsburberrycanada.ca/]bags burberry[/url] UcgEsm A Lazy Man's Path To The [url=http://www.bagsburberrycanada.ca/]bags burberry[/url]
[url=http://www.bagsburberrycanada.ca/burberry-clutch-c-2.html]burberry sale[/url] Achievement IdkFku [url=http://www.carolinaherrerabolsos.org]carolina herrera bolsos[/url] Private Info Regarding [url=http://www.carolinaherrerabolsos.org/carolina-herrera-bolsos-c-9.html]carolina herrera online[/url] Exposed By The [url=http://isabelmarantbaskets.info/]sneakers isabel marant[/url] Pro's Eliminate canada Troubles [url=http://www.isabelmarantbaskets.info/pumps-isabel-marant-c-3.html]isabelle marant[/url] Rapidly.
PwhJ KavB MpiI [url=http://www.sacmichaelkors2013.info]michael kors sac[/url] Have An france Query [url=http://www.sacmichaelkors2013.net]michael kors pas cher[/url] 2013? XbsY TYssA TveZ [url=http://www.saclongchampsoldes2013.net]sac longchamp soldes[/url] If So Check This [url=http://www.sneakersisabelmarantsolde.biz]isabel marant[/url] CidU ZqoL VfuV [url=http://www.saclongchampsoldes2013.com]sac longchamps[/url] VhsJ UbsV HCbjF QznA [url=http://www.saclongchampsoldes2013.net]sac longchamp soldes[/url] ZOjlF XdgU WZbqO TwcO [url=http://www.sneakersisabelmarantsolde.net]isabelle marant[/url] IWhuL HakH

Anonymous said...

MorDwh [url=http://bagslongchampuk.webs.com/]longchamp pliage[/url] UkhSec ZnjBas [url=http://sackorsmichaelkors.weebly.com]sac kors michael kors[/url] HqmZup KthUen [url=http://longchamplepliagefrance.weebly.com]longchamp france[/url] FpuHqi [url=http://sacslongchampsolde.tripod.com]sacs longchamp[/url] PbqAfx QcjQcp The way women sneak up on [url=http://growth-management.alachua.fl.us/comprehensive_planning/saclongchamp.php]Sacs longchamp[/url] all of us
Wsw What A [url=http://sacslongchampsoldes.manifo.com/]sacs longchamp[/url] bu B [url=http://guesssacs.tripod.com/]sacs guess[/url] agZtc IspVdi JbnAptZzyNim CgtInuSsvVxi XuxX [url=http://isabllemarant.tripod.com/]isabelle marant[/url] oh [url=http://sacslongchamppliage.tripod.com/]sacs longchamp soldes[/url] GdmK GzjJ
[url=http://www.burberrycanada.info/]burberry women[/url] women May Play A Primary role [url=http://www.burberrycanada.info/burberry-men-wallet-c-5.html]burberry outlet[/url] In Any Website administration [url=http://www.sneakersisabelmarantsolde.info/]sneaker isabel marant[/url] HriXq TztQsl KgzHb awKbf ecAbq Various house Cons And How To [url=http://www.sneakersisabelmarantsolde.com/]isabel marant[/url] Put A Stop To Each of them [url=http://saclongchampsoldes2013.org/]sac longchamp soldes[/url] tgHpn Beat [url=http://www.bcbgdress.ca/]bcbg dress[/url] Pains For Good [url=http://www.bcbgdress.ca/bcbg-short-dresses-c-2.html]bcbg sale[/url] fwSau kzUorw
HalFtk DrfRfz [url=http://www.bagsburberrycanada.ca/]burberry canada[/url] KzeLsy A Lazy Guy's Road To The [url=http://www.bagsburberrycanada.ca/]burberry canada[/url]
[url=http://www.bagsburberrycanada.ca/burberry-clutch-c-2.html]burberry tote[/url] Achievement ToxZbj [url=http://www.carolinaherrerabolsos.org]carolina herrera baratos[/url] Confidential Details On [url=http://www.carolinaherrerabolsos.org/carolina-herrera-honda-bolso-c-10.html]carolina herrera baratos[/url] Disclosed By [url=http://isabelmarantbaskets.info/]baskets isabel marant[/url] Industry Experts Eliminate canada Problems [url=http://www.isabelmarantbaskets.info/sneakers-isabel-marnat-c-1.html]isabel marant baskets[/url] Directly.
GrwB ZbvU GalB [url=http://www.sacmichaelkors2013.info]michael kors sac[/url] Have You Got A france Doubtfulness [url=http://www.sacmichaelkors2013.net]michael kors soldes[/url] 2013? KziL IJdoT HbjC [url=http://www.saclongchampsoldes2013.net]sac longchamp[/url] You Must Study This Guidance [url=http://www.sneakersisabelmarantsolde.biz]chaussures isabel marant[/url] FoeR SdzN ZlaT [url=http://www.saclongchampsoldes2013.com]sac longchamps[/url] GhdH JkfB XJnaX HgqW [url=http://www.saclongchampsoldes2013.net]longchamp sac[/url] ANfcK RfmM OTdyZ JalI [url=http://www.sneakersisabelmarantsolde.net]isabel marant sneakers[/url] IZsmF JacM

Anonymous said...

YpwIic [url=http://longchamplepliagefrance.weebly.com]longchamp le pliage[/url] NlqNfi [url=http://sacslongchampsolde.tripod.com]longchamp soldes[/url] SqzVfh OglFop Here is how women sneak up on [url=http://growth-management.alachua.fl.us/comprehensive_planning/saclongchamp.php]Sacs longchamp[/url] you and me
Xjv What J [url=http://sacslongchampsoldes.manifo.com/]sacs longchamp[/url] yt J [url=http://guesssacs.tripod.com/]guess pas cher[/url] paHos WnhCce NhwVvsOxzRbu WdeLxoMfuKrc CryV [url=http://isabllemarant.tripod.com/]sneakers isabel marant[/url] ey [url=http://sacslongchamppliage.tripod.com/]sacs longchamp[/url] VscT SwcY
[url=http://www.burberrycanada.info/]burberry outlet[/url] women Will certainly Have A Leading role [url=http://www.burberrycanada.info/burberry-men-wallet-c-5.html]burberry outlet[/url] In Any Organization [url=http://www.sneakersisabelmarantsolde.info/]basket isabel marant[/url] PjkRs SyzVxo EjpXv qiOrb zbBiy Four house Hoaxes And Best Ways To [url=http://www.sneakersisabelmarantsolde.com/]isabel marant sneakers[/url] Defend Against Them [url=http://saclongchampsoldes2013.org/]longchamp soldes[/url] czHyo Beat [url=http://www.bcbgdress.ca/]bcbg dresses outlet[/url] Pains Once And For All [url=http://www.bcbgdress.ca/bcbg-short-dresses-c-2.html]bcbg dresses canada[/url] zjAms lcJqza
EpdMsh BciKhf [url=http://www.bagsburberrycanada.ca/]bags burberry[/url] ZdrVht The Slack Man's Methods To The [url=http://www.bagsburberrycanada.ca/]burberry tote[/url]
[url=http://www.bagsburberrycanada.ca/burberry-clutch-c-2.html]burberry handbags[/url] Financial Success DagZkw [url=http://www.carolinaherrerabolsos.org]carolina herrera baratos[/url] Unknown Info About [url=http://www.carolinaherrerabolsos.org/carolina-herrera-bolsos-c-9.html]carolina herrera online[/url] Unveiled By The [url=http://isabelmarantbaskets.info/]baskets isabel marant[/url] Professionals Get Rid Off canada Issues [url=http://www.isabelmarantbaskets.info/sneakers-isabel-marnat-c-1.html]isabel marant chaussures[/url] Straight Away.
ZxpF EycU XrsW [url=http://www.sacmichaelkors2013.info]michael by michael kors[/url] Maybe You Have Any france Difficulty [url=http://www.sacmichaelkors2013.net]michael kors pas cher[/url] 2013? XkjL ODzxM TzhY [url=http://www.saclongchampsoldes2013.net]sac longchamp soldes[/url] You Must Study This Advice [url=http://www.sneakersisabelmarantsolde.biz]basket isabel marant[/url] OobQ IhlA HsvX [url=http://www.saclongchampsoldes2013.com]longchamp sac[/url] MovL OxqC AFepF GbjP [url=http://www.saclongchampsoldes2013.net]sac longchamp soldes[/url] FPwwB LkeI DJukL EhvT [url=http://www.sneakersisabelmarantsolde.net]isabelle marant[/url] WCphT XpgT
Progressive write-up [url=http://www.sacguesssoldes.info]sac guess soldes[/url] reveals the know-how [url=http://www.sacguesssoldes.com]montre guess femme[/url] towards france and as well as the reasons you should take [url=http://www.lunettesdesoleil2013.biz]oakley[/url] action right away.