TCC Assets yet again extends its offer for F&N

Charoen Sirivadhanabhakdi

TCC Assets today extended the offer for Fraser Neave shares for the sixth time.

Its offer will end on Jan 15, a day after Overseas Union Enterprise's offer will end, according to the filing to the Singapore Exchange.

The sixth extension would further lengthen the battle for the control of Singapore's conglomerate, which started last November.

TCC Assets launched its offer in October, as Thai Beverage, another flagship business of Thai tycoon Charoen Sirivadhanabhakdi, refrained from building up financial obligations. A group led by the Stephen Riady-chaired OUE in November launched the S$13.1 billion bid for FN, which trumps a $9 billion offer by Charoen.

Charoen through his entities TCC and Thai Beverage currently own a combined 33.66 per cent stake in FN. The Thai companies will need to hold a stake of at least 50 per cent to make its takeover offer unconditional and take control of FN.

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Article source: http://www.thethailandlinks.com/2013/01/10/tcc-assets-yet-again-extends-its-offer-for-fn/