On November 15, 2012, Heineken N.V. closed its S$5.6 billion ($4.6 billion) takeover bid for Asia Pacific Breweries Ltd. (APBL), acquiring an additional 40-percent stake in the joint venture from its partner Fraser & Neave Ltd, a Singapore-based conglomerate. Duane Morris & Selvam, a joint law venture with U.S.-based international law firm Duane Morris LLP, acted for Heineken in the complex and widely followed transaction, which consolidates a controlling interest in APBL for the Amsterdam-based brewer of approximately 95 percent. The transaction marks one of the largest of its kind in Singapore this year.
Duane Morris & Selvam managing director Arfat Selvam led the firm’s team. Selvam has more than 40 years of experience in corporate finance, having been at the forefront of the development of the financial services market in Singapore. Her wide array of experience includes mergers and acquisitions, corporate restructures, takeovers, funds raising in the capital markets, privatizations, financial services, cross-border investments, financial services and international joint ventures. Directors Ramiro Rodriguez andKim Seng Lo and associate director Parikhit Sarma provided crucial assistance throughout the negotiation and closing process.
Heineken will now launch a mandatory takeover offer of the remaining shares of APBL, for a total consideration of approximately S$640 million ($523 million). APBL, a global company listed on the Singapore Exchange (SGX), has 25 breweries in 14 countries and brews a range of brands, including Tiger beer, Anchor beer and ABC Extra Stout, as well as Heineken locally. The takeover allows Heineken to further expand its platform in markets throughout Asia, and particularly in China. On September 28, Fraser & Neave’s shareholders approved the sale upon the recommendation of its board. On November 6, Singapore’s Competition Commission also approved the deal.
