SINGAPORE: TCC Assets, the company owned by Thai tycoon Charoen Sirivadhanabhakdi, has raised its stake in food and beverage conglomerate Fraser & Neave (F&N). In a statement on Sunday, TCC Assets said it has acquired another 2.2 million shares of F&N at S$9.55 a piece on January 19. This raised the combined shareholdings of TCC Assets and Thai Beverage to 40.09 per cent in F&N. Currently, the latest level of acceptances for the Thai's offer amounts to 0.52 per cent as at January 18.
The latest acquisition came just after the Thai businessman, through his companies TCC Assets and Thai Beverage, raised his takeover bid for F&N to S$9.55 per share. That is 7.5 per cent or 67 cents higher than his previous bid of S$8.88 per share. The move propels TCC assets to front-runner in the drawn-out takeover battle, trumping rival bidder Overseas Union Enterprise which has offered S$9.08 per share.
ChannelNewsAsia.
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