SINGAPORE Shares of Fraser and Neave Ltd (F&N) (FRNM.SI) fell 2 percent on Tuesday after a group led by a Thai billionaire won the takeover battle for the Singapore drinks and property conglomerate in a deal worth around S$13.8 billion ($11.24 billion).
A group led by Stephen Riady's Overseas Union Enterprise Ltd (OVES.SI) withdrew after Thailand's TCC Assets Ltd, headed by billionaire Charoen Sirivadhanabhakdi, raised its offer for F&N to S$9.55 a share last week and built its stake to more than 40 percent.
By 0102 GMT, F&N was trading at S$9.55 on volume of 44.8 million shares, of which around 37.4 million changed hands in a bloc deal. Overseas Union shares rose 4.4 percent to S$2.86, their highest in over three months.
On Monday, F&N shares had risen 1.7 percent to close at S$9.74, indicating Overseas Union's withdrawal was not expected by all in the market and some investors were betting on a counterbid.
($1 = 1.2283 Singapore dollars)
(Reporting by Charmian Kok)