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Charoen ups F&N bid again

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SINGAPORE - Thai billionaire Charoen Sirivadhanabhakdi has increased his stake in Fraser & Neave Ltd to almost 40% and raised his takeover offer for the Singaporean real estate and soft-drink company to block a rival group. 

Mr Charoen's TCC Assets has bid S$9.55 a share, topping a Nov 15 offer of S$9.08 from a group led by Overseas Union Enterprise Ltd, according to a statement made to the Singapore Exchange after the market closed on Friday.

The Thai liquor and property tycoon's latest offer is a 0.3% discount to Friday's closing price of S$9.58 and values the company at S$13.8 billion (US$11.2 billion).

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