Sunday, August 5, 2012

Fraser and Neave shares jump on Heineken deal for APB

SINGAPORE - Shares of Fraser and Neave Ltd jumped after the Singapore conglomerate's board accepted Dutch giant Heineken's $4.1 billion offer for its stake in Tiger Beer maker Asia Pacific Breweries.

In early trading, F&N rose as much as 4.9 per cent to S$8.55 on volume of 1.4 million shares, making it the top traded stock by value in the Singapore market. APB shares were down 1.4 per cent at S$48.80.

F&N's board will recommend the S$50 per APB share cash deal to its shareholders, Heineken said in a statement on Friday.

The purchase gives Heineken 82 per cent of the prized APB and it will now launch an offer for the rest of the company. Drinks, property and publishing group F&N could be broken up eventually.

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