Shares of Fraser and Neave jumped after the Singapore conglomerate's board accepted Dutch giant Heineken's US$4.1 billion offer for its stake in Tiger Beer maker Asia Pacific Breweries.
In early trading, F&N rose as much as 4.9% to $8.55 on volume of 1.4 million shares, making it the top traded stock by value in the Singapore market. APB shares were down 1.4% at $48.80.
F&N's board will recommend the $50 per APB share cash deal to its shareholders, Heineken said in a statement on Friday.
The purchase gives Heineken 82% of the prized APB and it will now launch an offer for the rest of the company. Drinks, property and publishing group F&N could be broken up eventually.
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