The Thai billionaire Charoen Sirivadhanabhakdi initiated a $7.3 billion takeover bid on Thursday for the 70 percent stake of the Singaporean conglomerate Fraser & Neave that he does not already own.
The all-cash offer, which represents a 4.3 percent premium on the Singaporean company's closing stock price on Wednesday, could scuttle plans by the Dutch brewer Heineken to buy Fraser & Neave's beer unit, whose brands include Tiger Beer.
Heineken and Thai Beverage, which is controlled by Mr. Charoen, have been battling for control of Asia Pacific Breweries, the beer business jointly owned by the Dutch company and Fraser & Neave.
Last month, Heineken moved a step closer to gaining control of Asia Pacific Breweries after it sweetened its offer, to around $4.3 billion, to buy the rights in the beer maker currently held by Fraser & Neave.
The Singaporean conglomerate has recommended the offer to its shareholders, which will vote at the end of the month o n the deal.
By attempting a multibillion-dollar takeover of Fraser & Neave, Mr. Charoen, who already controls a 30 percent stake in the company, may be able to overturn the deal. Under Singaporean law, a potential bidder must make an offer for a company if its stake totals 30 percent.
Through TCC Assets, an investment vehicle controlled by Mr. Charoen, the Thai billionaire on Thursday offered $7.22 for each share in Fraser & Neave, which also operates a large global property portfolio. The deal values the company at around $10.2 billion. The all-cash offer is supported by loans from two Singaporean banks and Morgan Stanley.
“We believe the offer represents an opportunity for F&N shareholders to realise the value of their investment in cash and to make a complete exit,†Thai Beverage's chief executive, Thapana Sirivadhanabhakdi, the son of Mr. Charoen, said in a statement.
For months, Mr. Charoen has been positioning himself to decide the fate of Asia Pacific Breweries. In August, Thai Beverage, which is owned by Mr. Charoen, increased its stake to 26.2 percent, making it the company's largest shareholder and allowing Mr. Charoen to dictate whether Fraser & Neave shareholders support Heineken's takeover. Thai Beverage has subsequently increased its holding to 29 percent.
Kindest Place, a separate company controlled by the son-in-law of Mr. Charoen, also bought an 8.6 percent direct stake in Asia Pacific Breweries.
The Japanese brewer Kirin is the second-largest shareholder in Fraser & Neave, with a 15 percent stake in the company.
Heineken said it would review the $7.3 billion offer for the Singaporean conglomerate. A spokesman declined to comment on whether the Dutch brewer would increase its offer.
By the close of trading in Singapore, shares in Fraser & Neave had risen 4.8 percent. In morning trading in Amsterdam, stock in Heineken had fallen less than 1 percent.
The ongoing battl e for Asia Pacific Breweries comes as many of the world's beer companies are turning to emerging markets in search of new growth.
With fast-expanding middle classes and ongoing economic growth despite the global slowdown, developing countries offer new sources of revenue compared with Western countries, which continue to struggle from the European debt crisis and volatility in the financial markets.
Earlier this year, Anheuser-Busch InBev, whose brands include Budweiser and Stella Artois, agreed to buy the half of the Mexican brewer Grupo Modelo that it did not already own for $20.1 billion. SABMiller also bought Foster's Group, the biggest beer company in Australia, for $10.2 billion late last year.
