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Thai Beverage s up 5.2% at $0.405 in strong volume of more than 7% of the shares changing hands on the SGX.
The key share price driver isn’t F& N’s announcement it will proceed with the capital reduction vote at its upcoming EGM and that TCC Assets would not be required to increase its bid to take the proposed capital reduction into account, says Kenneth Ng, an analyst at CIMB.
“We’ve been highlighting it’s cheap,” he says, noting he has a target price of $0.60. F& N is down 0.6% at $8.89, just a hair above the Thai group’s $8.88/share bid for the company. In its announcement, F& N noted it would delay implementing the proposed capital-reduction, if approved at the EGM, until after the resolution of the Thai group’s offer as shareholders accepting the Thai bid prior to the capital reduction would receive a higher payment.
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up or down on debut?
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sanuks
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25-Sep-2012 19:26
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woa!!! 0.435 Cents !!!!!!! really chiong .......
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shadowmoon
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25-Sep-2012 19:02
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Today ended 0.435, what a achievement . Cheers
Hope tomorrow even better |
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sanuks
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25-Sep-2012 12:21
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A tut tut train going up the mountain.  Break 52 weeks high and trade at 0.425 SGD. |
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sanuks
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25-Sep-2012 12:09
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Suds and stocks and supercats: moving on to the next actSo what actually happened in the beer war between Thai Beverage and Heineken? ThaiBev last week announced that it was letting Heineken buy 100 per cent of Asia Pacific Breweries (APB), maker of Tiger as well as other beers including Indonesia's Bintang, from Fraser and Neave. Heineken, for its part, said it would not contest ThaiBev's attempted takeover of F& N.Heineken ended up paying top dollar - a multiple of 18 times earnings before interest, taxes, depreciation and amortisation. (Recently Anheuser-Busch InBev paid 15 times EBITDA to acquire Mexican beer giant Grupo Modelo.)ThaiBev shares on the Singapore Stock Exchange rocketed up 17.4 per cent. ThaiBev will receive a dividend from F& N as its share of the proceeds from the sale of APB to the tune of US$1.6 billion (Bt49.5 billion). Now ThaiBev can do exactly what it has wanted to do all along, which includes not buying Tiger. The Singapore-listed Thai company has already purchased 30 per cent of the shares of F& N, requiring ThaiBev by law to make an offer for the full company. It has done so, putting in a bid of $7.2 billion. There is another company, privately held but controlled by the same man who controls ThaiBev - TCC Assets. A major holder of real estate in Thailand as well as Singapore, TCC Assets is holding assets including five-star hotels as well as the new development growing on the banks of the Chao Phraya River called Asiatique. F& N has three remaining core businesses after divesting APB: non-alcoholic drinks, real estate, and distribution. The real-state business alone accounts for half of the revenue of F& N. With the cash ThaiBev and TCC receive from the sale of APB, they will be able to make a play for all of F& N, taking over lucrative real-estate holdings and non-alcoholic drinks. Critically, some analysts estimate that the offer is for a 30-per-cent discount on the value of the assets. Sell high, buy low is a winning strategy in any area. There's a wild card in the whole mix, however. Kirin Holdings of Japan, maker of Kirin Beer, owns 15 per cent of F& N. Kirin has absolutely no interest in real estate, and is currently sitting on a 37-per-cent profit on the purchase of its shares of F& N. ThaiBev/TCC has to make Kirin happy. What would do so is Kirin taking some of the non-alcoholic-beverage businesses of F& N. The man behind the scenes, Charoen Sirivadhanabhakdi, is a brilliant strategist as well as tactician. Watch for him to negotiate over the next several weeks (in private, of course) with Kirin. Watch the business pages of The Nation and you will soon see an announcement of how TCC and Kirin plan to carve up the assets of F& N among them. Charoen developed a long-term strategy years ago and we are now watching him execute it. Success in business comes from having a strategy, executing it well, and then learning from past mistakes to do better in the future. Explore, execute, evaluate are the " 3 E's" of all successful businesses. Eric Rosenkranz (er@ethree-asia.com) runs a strategic advisory in Southeast Asia helping existing companies as well as start-ups to develop their long-term strategy and achieve success in their business. Learn more about his company at www.ethree-asia.com. |
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shadowmoon
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24-Sep-2012 21:16
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sanuks
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24-Sep-2012 20:41
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I think your guess is as good as ours.  But, i have a gut feeling, ThaiBev will achieve what they set out to achieve. Their Beer segment is not doing that well. Spirit is their cash cow. Now, they need F& N for a variety of reasons. So, no point to speculate, just sit back and wait for Friday.
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shadowmoon
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24-Sep-2012 19:26
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Back to THBev...
Hope tomorrow it reach a greater height... Cheers |
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shadowmoon
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24-Sep-2012 19:24
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Friday we will know the answer...
Let wait patiently cheers |
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shadowmoon
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24-Sep-2012 19:22
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Btw the 8:50 price tag, I'm referring to the divi to be provided by F&N.
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shadowmoon
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24-Sep-2012 19:20
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But today news to F&N shareholder is: cash out now or possibily get 8.50 price tag only.
N this meetup if not wrong, if majority of the shareholder approve, it will pass thr ( if I'm not wrong) N F&N themselves will definately vote for it. With the Thai to follow suit ( high chance, my guess) n that make up quite a majority of it. N just to highlight, if these deal fell thr, F&N will be penalised heavily also.. So seem die die they need it to happen. But to be frank, if Thai bev does not acquire F&N , doubt f&n share price will go that high also lah...ha So it's a gamble for the F&N shareholder. |
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shadowmoon
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24-Sep-2012 19:10
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Ha is a tricky scenario. But my gut feeling is they will.
Bc if not, Henekian will jump ha. Anyway Friday will know. Btw today THBev perform well... Cheers
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bluechip138
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24-Sep-2012 14:11
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Do you think TB will support or reject $8.50 capital reduction proposed by F & B Board this Fri? | ||||
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sanuks
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24-Sep-2012 13:03
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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Securities Industry Council rejects F& N request for higher Thai offer
Singapore’s takeover regulator rejected a request by Fraser and
Neave (F& N) seeking a higher offer from a company linked to
Thailand’s third-richest man for all the shares of the
drinks-and-property conglomerate. -- PHOTO: REUTERS
SINGAPORE (REUTERS) – Singapore’s takeover regulator rejected a request by Fraser and Neave (F& N) seeking a higher offer from a company linked to Thailand’s third-richest man for all the shares of the drinks-and-property conglomerate. Thai billionaire Charoen Sirivadhanabhakdi, through TCC Assets, launched a $7.2 billion offer this month to buy out other shareholders of F& N at a price of $8.88 a share. F& N’s board had said it will pay out $4 billion to shareholders following the takeover through a capital reduction. F& N plans to cancel one for every three shares held by all shareholders and pay out $8.50 for each cancelled share. As such, F& N sought a ruling from Singapore’s Securities Industry Council on whether the Thais were required to raise their offer price of $8.88 per share to make up for the 38-cent difference on the cancelled share. The regulator ruled on Friday that the Thais did not have to raise the offer price, F& N said in a statement on Monday. |
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sanuks
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24-Sep-2012 09:48
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Back to .40 Cents now...... | ||||
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sanuks
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24-Sep-2012 09:23
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Fraser and Neave says Thais have right to reduce offer priceSINGAPORE, Sept 24 | (Reuters) - Fraser and Neave Ltd (F& N) said on Monday TCC Assets Ltd, linked to Thai billionaire Charoen Sirivadhanabhakdi, can reduce its offer price of S$8.88 per share for the Singapore drinks and property conglomerate by the amount of dividend or cash F& N pays out. " If any dividend, other distribution or return of capital is declared, paid or made by the company on or after the offer announcement date, the offeror (TCC Assets Ltd) reserves the right to reduce the offer price by the amount of such dividend, distribution or return of capital," F& N said in a statement. Last week, Charoen's Thai Beverage PCL and TCC Assets said they would vote in favour of the sale of F& N's stake in Asia Pacific Breweries Ltd to Heineken. ] F& N's board had said it will pay out S$4 billion ($3.3 billion) to shareholders through a capital reduction. The company plans to cancel one for every three shares held by all shareholders and pay out S$8.50 for each cancelled share. (Reporting by Eveline Danubrata) |
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sanuks
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24-Sep-2012 09:17
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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F& N - Trading Halt. Something is brewing .......
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shadowmoon
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24-Sep-2012 07:04
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yo bro u got so much informative data ... Got do homewk. GOOD. Friday coming soon, interesting. Let c how the SAGA turns into, Cheerio. Hope THbev Chiong more........cheers |
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sanuks
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24-Sep-2012 00:31
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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source: issaraamorn (again, clueless how accurate are this information.  |
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sanuks
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24-Sep-2012 00:29
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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source: issaraamorn  |
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sanuks
Veteran |
24-Sep-2012 00:27
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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This affect Beer Companies in Thailand  |
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