Heineken launches £3.8bn bid to tame Tiger in Asian brewing battle Mr Charoen's son also agreed to buy an 8.5pc stake in APB, also from OCBC and partners, at S$45.00 per APB share. Fearing its key access route to the Asian market could be threatened, Heineken yesterday responded with an offer to buy F&N's entire interest in APB for S$50 a share, or S$5.1bn. Under Singapore takeover rules, Heineken would have to bid for the outstanding 18.4pc of APB's equity, if F&N were to accept the Danish brewer's offer. That would cost Heineken a further S$2.4bn, putting the potential cost of securing control at S$7.5bn. Heineken's bid represented a 45pc premium to APB's average share price over the previous month. The Dutch group said it believed the deal would "generate long-term financial and strategic value for its shareholders, given the attractive growth potential of South-East Asia and the company's strong position within the international premium beer segment." Jean-François van Boxmeer, Heineken's chairman and chief executive, said the move was prompted by the "changes in the F&N and APB shareholding" which meant that the "fabric of the partnership had changed" - alluding both to the ThaiBev deals, and to Kirin buying a 14.7pc stake in F&N in 2010. F&N's shareholders will have a week to decide whether to accept the offer. The implications for the deal for ThaiBev to buy a stake in F&N are unclear. F&N has interests other than APB, including soft drinks, property and printing businesses. Trading in the shares of F&N and APB was suspended after Heineken's bid. Ian Shackleton, an analyst at Nomura, said: "Heineken will have to pay more, or we could end up with a bigger break-up of APB." The Dutch brewer said it was "keen to agree a consensual deal with F&N" but that "if Heineken is denied the ability to extend its offer to all APB shareholders, it will review all options available to protect its commercial interests." APB is most associated with Tiger Beer, which accounts for about 15pc of its volumes. But its largest brand is HeinekenR, which is brewed under licence from Heineken. It accounts for at least 30pc of APB's volumes. That licence will provide a useful weapon in Heineken's defence of its interest in APB, as the Dutch group could review its terms. Heineken has made other moves into emerging markets in recent years as they out-pace growth in Europe, with major deals in Mexico, Brazil and India.