SINGAPORE (Reuters) - Shares of Thai Beverage PCL (TBEV.SI) rose 2.9 percent on Thursday after a group linked to it made a $7.2 billion cash offer to take over Singapore conglomerate Fraser and Neave Ltd (F&N)(FRNM.SI).
At 0119 GMT, ThaiBev shares were up 1.5 percent at S$0.345, with over 18 million shares traded, compared to its full-day average of 39.3 million shares over the last five sessions.
The offer came after ThaiBev and TCC Assets, the vehicle linked to Thai billionaire Charoen Sirivadhanabhakdi, increased their combined stake in F&N to 30.36 percent, according to a stock filing to the Singapore Exchange.
ThaiBev, which took a bridge loan to finance an earlier F&N stake purchase, said it would not incur any additional debt for the latest offer.
Reporting by Charmian Kok; Editing by John Mair