Nearly 29 million shares of Fraser & Neave have been traded in block deals on Wednesday, data from the Singapore exchange showed, as a takeover battle for the Singapore conglomerate's beer affiliate Asia Pacific Breweries heats up.
Along with another block deal done on Tuesday, the total transactions this week represent about 3% of F&N's outstanding shares.
Last week, companies linked to a Thai billionaire agreed to pay $3.8 billion to acquire stakes in F&N and its affiliate APB from F&N's top shareholder Oversea-Chinese Banking Corp and its insurance unit.
That forced APB shareholder Heineken NV to launch a US$6 billion ($7.6 billion) counter-bid for the beermaker. Japan's Kirin Holdings has also hired an adviser to help defend its turf in a two-way fight for APB, sources familiar with the matter said on Tuesday. talk of parties involved in the takeover battle accumulating shares in F&N as it is due to take a decision on Heineken's offer before Friday.
A total of 28.9 million shares in F&N were traded between an unidentified buyer and seller at $8.08 in off-the-market block deals on Wednesday. On Tuesday, 14.4 million F&N shares were sold to an unknown buyer at $8.08.
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