Indonesia trumps Thailand in battle for F&N

Indonesia trumps Thailand in battle for F&N

Indonesia trumps Thailand in battle for F&N

A new bid from Riady-controlled OUE values F&N at more than $10 billion.

By Nick Ferguson | 19 November 2012

Stephen Riady’s Overseas Union Enterprise (OUE), a Singapore-listed property company, has joined the race to win control of Fraser & Neave (F&N) with an offer that trumps the existing bid made by Thai tycoon Charoen Sirivadhanabhakdi.

OUE, which owns the Marina Mandarin hotel in Singapore, said at the end of last week that it would pay S$13.1 billion ($10.7 billion), or S$9.08 a share, for all of F&N. If shareholders approve the deal, OUE will then sell the company’s food and beverages businesses to Kirin for S$2.7 billion.

Kirin, which already holds a 14.8% stake in F&N, has agreed to vote in favour of the OUE offer and, in turn, OUE will back Kirin’s acquisition.

“[F&N’s] property portfolio would be highly complementary to OUE’s existing property portfolio,” said Riady, chairman of OUE and a member of the family that controls Indonesia’s Lippo group. “Combining both will further strengthen OUE as a leading property player in Singapore and expand our footprint in Singapore and regionally.”

Charoen, who has substantial real estate holdings in Thailand, was also interested in F&N’s property portfolio, which he considered undervalued — and his gambit almost played off. Acting through Thai Beverage and other companies, he built big positions in both F&N and Asia Pacific Breweries, a subsidiary that brews Tiger Beer.

He missed out on the beer business, but his 30% stake in F&N put him in a strong position to buy the remaining 70% of the company, for which he offered to pay S$8.88 a share in September. He now faces the option of upping his bid or backing down.

Whatever happens, Charoen now stands to earn a handsome return. He paid roughly S$3.7 billion during the summer for his F&N stake, which is now valued at around S$3.9 billion.

Credit Suisse, Bank of America Merrill Lynch and CIMB are advising the consortium led by OUE.

HSBC and Morgan Stanley advised the Thai group on the deal.

(FinanceAsia)

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Akhyari Hananto
@akhyari

Akhyari Hananto

http://www.goodnewsfromindonesia.org

I began my career in the banking industry in 1997, and stayed approx 6 years in it. This industry boost his knowledge about the economic condition in Indonesia, both macro and micro, and how to understand it. My banking career continued in Yogyakarta when I joined in a program funded by the Asian Development Bank (ADB),as the coordinator for a program aimed to help improve the quality of learning and teaching process in private universities in Yogyakarta. When the earthquake stroke Yogyakarta, I chose to join an international NGO working in the area of ?disaster response and management, which allows me to help rebuild the city, as well as other disaster-stricken area in Indonesia. I went on to become the coordinator for emergency response in the Asia Pacific region. Then I was assigned for 1 year in Cambodia, as a country coordinator mostly to deliver developmental programs (water and sanitation, education, livelihood). In 2009, he continued his career as a protocol and HR officer at the U.S. Consulate General in Surabaya, and two years later I joined the Political and Economic Section until now, where i have to deal with extensive range of people and government officials, as well as private and government institution troughout eastern Indonesia. I am the founder and Editor-in-Chief in Good News From Indonesia (GNFI), a growing and influential social media movement, and was selected as one of The Most Influential Netizen 2011 by The Marketeers magazine. I also wrote a book on "Fundamentals of Disaster Management in 2007"?, "Good News From Indonesia : Beragam Prestasi Anak Bangsa di dunia"? which was luanched in August 2013, and "Indonesia Bersyukur"? which is launched in Sept 2013. In 2014, 3 books were released in which i was one of the writer; "Indonesia Pelangi Dunia"?, "Indonesia The Untold Stories"? and "Growing! Meretas Jalan Kejayaan" I give lectures to students in lectures nationwide, sharing on full range of issues, from economy, to diplomacy

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