Heineken wins control of APB Heineken has won control of Asia Pacific Breweries, maker of Tiger beer, after shareholders in Fraser and Neave approved the Dutch brewer's S$5.6bn (US$4.5bn) offer for the Singapore conglomerate's stakes in the business. The agreement, announced on Friday, seals victory for Heineken after a two-month battle with Thailand's biggest brewer, ThaiBev, to take APB. Jean-François van Boxmeer, Heineken chief executive, said: "Once completed, this transaction will further increase Heineken's financial and geographic exposure to emerging markets and strengthen our competitive position in one of the most exciting regions in the world." APB has been run by Heineken and F&N since 1931 through an equally held joint venture company and is one of the few remaining brewing businesses available to buy in Asia. Heineken had been determined to take full control of APB in an effort to expand into higher-growth Asian markets at a time of anaemic sales in Europe. However, the Dutch brewer was forced into a complex bid battle after billionaire Thai businessman Charoen Sirivadhanabhakdi - who controls ThaiBev - amassed enough shares in F&N to become its largest single shareholder, while making an offer for a stake held separately by F&N in APB. Those tactics threatened to derail Heineken's attempt to buy out F&N's share in the APB joint venture, and forced the Dutch company to raise its initial S$50 a share offer to the S$53 a share that F&N shareholders finally accepted. The vote in favour, by 98 per cent of F&N shareholders, gives Heineken 95.3 per cent of APB, up from a current stake held directly and indirectly of 55.6 per cent. The deal remains subject to regulatory approvals in Singapore and New Zealand and is expected to close in November, after which APB will be fully consolidated into Heineken's accounts. Hui Choon Kit, F&N's group financial controller, said the sale of its stake to Heineken - in place since the days when Tiger beer was first brewed in what was then British Malaya - was "very emotional." But we've shown that the board is able to take very tough decisions in the interest of shareholders. However, F&N's board will immediately have to grapple with a S$8.88bn takeover offer for the company, documents for which were presented to the F&N board on Thursday by Mr Charoen through TCC Assets, one of his unlisted vehicles. Mr Charoen is seen by analysts as aiming to expand his drinks and property empire into south-east Asia, where F&N has a leading soft drinks business in Malaysia and Singapore, as well as an extensive property portfolio. In addition, uncertainty remains over the role of Kirin, the Japanese drinks company, which with 15 per cent is the second-largest shareholder in F&N. Hirotake Kobayashi, the Kirin member of the F&N board, told the Financial Times that his company had not made a decision on whether to sell its 15 per cent stake. It's not necessary to make a decision today, there is no rush and we have plenty of time to consider," Mr Kobayashi said. His comments are a sign that Kirin appears willing to wait until there is more clarity over the outcome of the TCC Assets offer for F&N, which expires on October 29. "We have 28 days," Mr Kobayashi said. Asked by the Financial Times if that was the case, Mr Kobayashi said: "Strategically [soft drinks] is very important but we have to consider." Complicating matters for F&N, its shareholders voted down a planned capital reduction by F&N after Mr Charoen voted against the resolution, preventing it from reaching the required 75 per cent threshold. F&N proposed the $4bn capital reduction plan as a way of distributing much of the proceeds from the APB sale last month, before TCC's bid for the full group was made.