Thai Beverage increases F&N stake to 29%

Thai Beverage said on Tuesday it had increased its stake in Fraser and Neave to 29 per cent, just below the 30 per cent level that would trigger a mandatory offer for the entire company.

Thai billionaire Charoen Sirivadhanabhakdi, ThaiBev's main shareholder, has been trying to stop F&N's sale of its 40 per cent effective stake in Tiger beer maker Asia Pacific Breweries to Dutch brewer Heineken.

ThaiBev said the value of the shares it bought from the open market was S$311 million (US$248 million), confirming market talk it was the buyer of F&N shares in a block trade last week.