Heineken agrees deal to take control of APB

Global brewer Heineken agreed a US$4 billion-plus deal on Friday to take control of Asia Pacific Breweries (APB)  by agreeing to buy a stake in the Singapore-based brewer from partner Fraser and Neave (F&N), said sources with knowledge of the situation.

Heineken had given F&N a deadline of Friday to agreed to a sale, and a deal has been agreed in principle and has gone to the F&N board for rubber stamping, they said.

The deal was slightly ahead of Heineken's initial offer of $50 a APB share, but no further details were available.

"The deal has been agreed by Heineken and F&N's management, and the agreement will now go for approval by the F&N board and then be announced officially," said one of the sources.