Why Thaibev and friends are trying to line up S$9bn from banks for a general offer for F&N, and so derail the APB sale.
Problem is that if they win and block the sale, APB could still go to Heinken on worse terms. Heineken has the right of first refusal over the APB shares held by F&N/ Heineken jointly and there is a formula to resolve valuation questions: not based on stk market prices. Meanwhile, Heineken still has mgt control. So far, the Thais have played the game shrewdly, but things could go wrong. And they are highly leveraged.
Asia overtook Europe and the Americas in 2007. In 2011 it drank 67bn litres of beer, to the Americas’ 57bn and 51bn in Europe, according to Euromonitor.
What’s more, as developed markets such as Europe, the US and Australia stagnate, Euromonitor forecasts that beer consumption (by volume) will grow by 4.8% in Asia Pacific every year between 2011 and 2016.
the countries with the biggest growth prospects in the region are Vietnam, Cambodia and Laos, where Euromonitor forecasts that volumes drunk will grow at up to 9% per year between 2011 and 2016.