ThaiBev Says 3rd Party Mulls Fraser & Neave Offer

SINGAPORE--Thai Beverage PCL (Y92.SG) Tuesday said a party acting in concert with the Bangkok-based drinks company is exploring the possibility of making an offer for Fraser & Neave Ltd. (F99.SG), a move that could complicate Heineken NV's (HEIA.AE, HINKY) offer to buy the Singapore conglomerate's beer business.

The announcement comes two weeks ahead of a extraordinary general meeting in which shareholders will vote on Heineken's 5.6 billion Singapore dollar (US$4.5 billion) bid to buy out Fraser & Neave's stake in Asia Pacific Breweries Ltd. (A46.SG), a business jointly controlled by the Singapore and Dutch companies.

Responding to media reports earlier this week, ThaiBev also said it hasn't been seeking financing for a potential general offer for Fraser & Neave but has been seeking refinancing proposals from banks for a loan previously taken out to fund its initial investment in Fraser & Neave.

"The (ThaiBev) board understands that a party acting in concert with the company is exploring the possibility of making an offer for F&N," ThaiBev said in a statement.

"Shareholders of the company and F&N should note there is no certainty that an offer for F&N will materialize."

ThaiBev didn't -say who "the party acting in concert" is.

Write to Chun Han Wong at [e-mail]

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