Indonesia trumps Thailand in battle for Fraser & Neave

A new bid from Riady-controlled OUE values F&N at more than $10 billion.
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Marina Mandarin, part of OUE's hotel portfolio
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<div style="text-align: left;"> Marina Mandarin, part of OUE's hotel portfolio </div>

Stephen Riady’s Overseas Union Enterprise OUE, a Singapore-listed property company, has joined the race to win control of Fraser Neave FN with an offer that trumps the existing bid made by Thai tycoon Charoen Sirivadhanabhakdi.

OUE, which owns the Marina Mandarin hotel in Singapore, said at the end of last week that it would pay S$13.1 billion $10.7 billion, or S$9.08 a share, for all of FN. If shareholders approve the deal, OUE will then sell the company’s food and beverages businesses to Kirin for S$2.7 billion.

Kirin, which already holds a 14.8% stake in FN, has agreed to vote in...

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