Fraser and Neave - cents and sensibilities Watching an Asian conglomerate being picked over by two family empires is an object lesson in the untapped value lurking in Asia's corporate sprawl. But should the prize (property) disappear into one of these similarly conglomerate-like groups, then Fraser and Neave shareholders will almost certainly still have not extracted full value. This week the battle should come to a head as Indonesia's Riady family decides whether to step aside or make an offer for F&N through Overseas Union Enterprise, a listed unit of its Lippo Group. Thailand's Charoen Sirivadhanabhakdi has already offered S$8.88 a share and amassed more than 30 per cent since he began buying, via Thai Beverage, in July. F&N shares, at S$9.19, imply only the mildest hope of a bidding skirmish even though Mr Charoen's offer is just 7 per cent above the low end of a valuation provided by JPMorgan, F&N's independent adviser, and a full fifth below the top price. After F&N completes the sale of its stake in Asia-Pacific Breweries to Heineken, which goes through regardless of any other bid, the conglomerate will consist of prime property with sidelines in soft drinks and publishing. The winner should get a good price on the sale of these units, mostly soft drinks, which various parties are eyeing. Even using the midpoint of JPMorgan's valuations, that would still give Mr Charoen the property portfolio at a third below the bank's top price. Should OUE up the ante with, say, a 10 per cent premium to Mr Charoen's offer, the property would still come at a one-fifth discount. F&N's board only demanded more for APB from Heineken after Mr Charoen's son-in-law pushed the market price higher. F&N's shareholders do not seem the sort to wring the last cent from a suitor even when the sums are done for them. Credit to Mr Charoen and the Riadys, then, for spotting the opportunity.