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.


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