A Thai tycoon on Monday moved closer to taking over Singapore conglomerate Fraser and Neave (F&N) after his Indonesian rival pulled out of a rare auction.
The offer by TCC Assets, controlled by billionaire Charoen Sirivadhanabhakdi, is still subject to approval by F&N shareholders.
Property firm Overseas Union Enterprise (OUE), linked to Indonesian tycoon Mochtar Riady, said in a statement it was not revising its S$13.1 billion bid, which translated to S$9.08 a share, made in mid-November.
TCC at the weekend raised its bid for the F&N shares it does not already own to S$9.55 apiece from S$8.88.
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