Heineken Wins Asian Brewer for $4.6 Billion

By NEIL GOUGH

HONG KONG--The Dutch brewer Heineken finally succeeded Friday in its $4.6 billion bid to acquire Asia Pacific Breweries, the Singapore-listed maker of Tiger beer, following a two-month battle with a Thai billionaire.

Shareholders of Fraser & Neave, the Singaporean conglomerate that owns Asia Pacific Breweries, voted Friday to approve the sale of the brewing unit to Heineken for a sweetened price of 53 Singapore dollars, or $43.24, for each share of Asia Pacific Breweries the Dutch company did not already own. The total to be paid by Heineken is 5.6 billion Singapore dollars, or $4.6 billion, and the deal values Asia Pacific Breweries at around $11 billion.

Winning control of Asia Pacific Breweries will bolster Heineken's presence in crucial growth markets in developing Asia. The brewer, which is listed in Singapore, operates 30 breweries across Asia, including in far-flung counties like Mongolia, Papua New Guinea and the Solomon Islands. Its brand portfolio includes Tiger beer and Bintang lager, which have their strongest positioning in lucrative Southeast Asian markets.

Approval from shareholders of Fraser & Neave, which has a wide range of businesses, including real estate and food and beverage, was seen as all but certain after Heineken struck an agreement last week to secure backing for the sale of the brewing unit from the Thai billionaire, Charoen Sirivadhanabhakdi, whose Thai Beverage owns 30 percent of Fraser & Neave and who is bidding for full control of the Singapore conglomerate.

The Japanese brewer Kirin also owns a 15 percent stake in Fraser & Neave, but has not stated whether it will sell to Mr. Charoen.

A separate vote on Friday shot down a proposal by Fraser & Neave to pay 4 billion Singapore dollars, or $3.3 billion, to its shareholders following the disposal of Asia Pacific Breweries to Heineken. The cash distribution, part of a capital reduction plan, had been opposed by Mr. Charoen.

Shareholders of Fraser & Neave will still have to vote on whether to accept the offer from Mr. Charoen of 8.8 billion Singapore dollars, or $7.2 billion, for the 70 percent of the conglomerate he does not already control. Mr. Charoen's TCC Assets has set a deadline of Oct. 29 for shareholders to decide on his offer.

海尼根打敗泰國釀酒 娶到APB

荷蘭釀酒大廠海尼根（Heineken）28日獲星獅集團（Fraser & Neave）股東批准，以56億星元（46億美元）收購星獅持有的40%亞太釀酒（APB）股權，進而掌控APB，有助提高在亞洲啤酒市場的市占率。過去2個月來，海尼根與泰國釀酒公司（ThaiBev）的競購戰隨之落幕。

亞太釀酒旗下擁有老虎啤酒（Tiger Beer）與印尼第一啤酒品牌Bintang，在中國等14個亞洲國家擁有30座釀酒廠、40種品牌。海尼根原先就已持有亞太釀酒55.64%的股權，購得星獅的39.7%持股後，將取得95%的APB股權。因西方市場成熟且需求下滑，海尼根正尋求在飛速成長的亞洲區衝刺銷售。

星獅集團董座李顯揚在98.73%股東投票同意後宣布批准收購案，預期11月底完成。

星獅的徐姓股東表示：「我認為海尼根將保留老虎啤酒，因它是國際知名品牌。」一些新加坡民眾擔心，老虎啤酒這個星國最知名啤酒品牌未來可能消失。不過與星獅合作關係長達81年的海尼根已公開承諾，收購後會促進老虎啤酒與亞太釀酒其他業務的成長。

IG Markets公司分析師哈波指出，海尼根為抵禦星獅大股東泰國釀酒大亨蘇旭明提出的併購挑戰，付出很高的代價。他說：「海尼根收購亞太釀酒價格約為當前獲利的35倍，非常高。這顯示海尼根有多珍視亞太釀酒與其品牌。光是老虎與Bintang啤酒，亞太釀酒就已掌握印尼、馬來西亞與新加坡啤酒銷售的5成市占率。」

海尼根7月時出價51億星元（42億美元）收購亞太釀酒，但因蘇旭明旗下的公司出價競標，迫使海尼根將收購價提高至56億星元。

蘇旭明的泰國釀酒公司本月19日同意支持海尼根併購案，為28日股東會表決結果掃除可能障礙。

原文參照
http://dealbook.nytimes.com/2012/09/28/heineken-wins-asian-brewer-for-4-6-billion/

2012-09-29．經濟日報．A8．國際企業．編譯葉亭均