Dutch brewing giant Heineken has moved a step closer to winning control of the Tiger beer brand after agreeing a deal with Thai billionaire Charoen Sirivadhanabhakdi.
Under the deal, Heineken – which owns Edinburgh’s Caledonian Brewery – will buy the stake in Asia Pacific Breweries (APB) owned by Singapore-based conglomerate Fraser & Neave (F&N) for $4.5 billion (£2.8bn).
Heineken had been caught in a tussle with Sirivadhanabhakdi’s Thai Beverage Public Company, which had launched a counterbid for all of F&N for $7.2bn, but ThaiBev has agreed to support Heineken’s offer for F&N’s stake in APB. In return, Heineken has agreed not to buy the rest of F&N.
F&N shareholders are due to vote on the bid next Friday, and the firm’s board has already given its approval for the deal.