ThaiBev and TCC Assets have revealed that they will vote against plans by Singapore-based conglomerate Fraser & Neave to pay out S$4 billion to shareholders.
ThaiBev and TCC Assets, Fraser & Neave’s largest shareholder group, did not reveal why they will oppose the proposed capital reduction. ThaiBev’s billionaire owner Charoen Sirivadhanabhakdi recently launched a $7.2 billion takeover bid for Fraser & Neave with TCC Assets.
Meanwhile, shareholders will meet on Friday to vote on whether to sell Fraser & Neave’s 40% stake in Asia Pacific Breweries to Heineken for $6.3 billion. A vote in favour would draw to a close a protracted battle for the Tiger beer-brewing joint venture.
Last week, ThaiBev announced that they would vote in favour of accepting Heineken’s offer.
