Heineken NV says it has clinched a deal to take majority ownershipof Singapore-based Asia Pacific Breweries Ltd., the maker of Tiger beer.
Heineken said Friday that Fraser and Neave Ltd., a co-owner of Asia PacificBreweries, has agreed to tender its shares to the $4.23 billion offer Heinekenmade in July.
Fraser and Neave will sell its 40 percent stake for 50 singapore dollars pershare, a 45 percent premium to APB's share price before the offer was announcedJuly 20.
Fraser's board will recommend the deal to shareholders, though final detailshave not been negotiated.
The deal would give Heineken a controlling 82 percent stake in APB. Heinekenwill then try to buy out remaining shareholders. APB also owns Asia's popularBintang and Anchor brands.