Kirin to pay $978 million for Fraser and Neave stake

The Japanese beverage company agrees to acquire 14.7% of Fraser and Neave from Temasek in an effort to enhance its footprint and product offering in Asia-Pacific.

Tokyo-based Kirin Holdings, one of the largest food and beverage players in Asia, has agreed to buy a 14.7% stake in Fraser and Neave FN from Temasek, Singapore's state investment company, for S$1.335 billion $978 million.

Singapore-listed FN focuses on soft drinks and dairy products, and the deal marks the latest move by Kirin to acquire beverage companies in Asia-Pacific. FN operates through an extensive network in Southeast Asia and is the biggest food and beverage player in Singapore as well as in Malaysia.

Kirin will buy 205 million shares from Temasek's wholly owned Seletar Investments for S$6.50 per share, which equals a 14.6% premium to yesterday's closing...

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