A, B, C, D

3 August 2012 By Robert Cyran Follow @rob_cyran

The Dutch brewer is paying a hefty 17 times EBITDA to take control of Asia Pacific Breweries from partner F&N. Heineken had little choice, as it couldn’t let APB slip through its fingers. This sets up F&N’s next act – the dismemberment of the rest of the conglomerate.

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On Aug. 3, the board of Fraser and Neave announced it had accepted Heineken’s $4.1 billion offer to acquire its direct and indirect stakes in Asia Pacific Breweries (APB) for S$50 per share. Heineken already owned 42 percent of the beer maker. This deal will push its ownership to 82 percent, which will trigger a mandatory buyout of the remaining $2 billion of minority interests under Singapore’s takeover code.

The offer represents a 45 percent premium over the one-month weighted average price per APB share.

Heineken’s move came after companies linked to Thai Beverage bought stakes in both F&N and APB for $3 billion last month.

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