Shareholders in the parent company of the Singapore-based brewer that makes Tiger Beer on Friday approved the firm’s takeover by Dutch giant Heineken.
The nearly unanimous vote at an extraordinary general meeting of Fraser and Neave (F&N), which held 40 percent of Asia-Pacific Breweries (APB), clears the way for Heineken to take full control of APB.
Heineken, which is seeking to expand its Asian sales as demand falls in western markets, already held 42 percent of APB when it made a bid.
“I declare the resolution carried,” F&N chairman Lee Hsien Yang said after 98.73 percent of shareholders voted for the deal.
A Thai faction in F&N led by beverage billionaire Charoen Sirivadhanabhakdi had earlier emerged as a potential rival to Heineken but later gave its approval to the sale of APB, which also makes Indonesia’s Bintang Beer.
Heineken offered F&N Sg$5.6 billion ($4.6 billion) for its stake in the brewer.
Before Friday’s meeting in Singapore, Heineken bought an additional 8.6 percent in APB held by Thailand’s Kindest Place Groups, also linked to Charoen. AFP