The proposed cash distribution of approximately $4.0bn by way of capital reduction of one for every three F&N shares wasn’t carried, mainly as a result of the votes cast by Thai Beverage Public Company Limited and TCC Assets Limited against the capital reduction resolution.
On 18 August 2012, the board of F&N had accepted an improved offer from and signed conditional sale and purchase agreements with Heineken International BV, a wholly owned subsidiary of Heineken NV, to acquire F&N’s entire 39.7% interest in APB and other assets held through APIPL for a total aggregate consideration of $5.6bn.
APIPL is the 50/50 joint venture company through which F&N and Heineken hold their joint 64.8% interest in APB.
98.7% of shareholders voted strongly in support of the resolution for the sale of F&N’s interests in APB and APIPL, which required a simple majority of shareholders present and voting at the EGM.
Source: Fraser and Neave
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