SINGAPORE: Shareholders of Fraser and Neave Ltd (F&N) voted in favour of selling the Singapore conglomerate's beer business, Asia Pacific Breweries Ltd (APB), to Heineken NV in a $6.3 billion (3.87 billion pounds) deal.
Shareholders did not approve a capital reduction plan by F&N's board. The plan to use the proceeds of the Heineken deal to pay out S$4 billion (2.0 billion pounds) to shareholders needed 75 percent support but got backing from only 54.3 percent.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
