Dutch brewer Heineken won control of Asia Pacific Breweries (APB) on Friday, makers of one of Asia's most famous beers, Tiger Beer.
The move is part of an effort by the European powerhouse to strengthen its business in the growing Asian market, in part as an antidote to slowing sales in Europe.
Shareholders of Singapore's Fraser and Neave (F & N), of which APB is a subsidiary, approved the sale of its 40-per-cent stake in the brewery to Heineken for $4.6 billion (5.6 billion Singapore dollars).
Heineken already held a share of 42 per cent in APB and has been a shareholder in the company since its establishment as a joint venture in 1931.
"This transaction will further increase Heineken's financial and geographic exposure to emerging markets and strengthen our competitive position in one of the most exciting regions in the world," said Heineken chief Jean-Francois van Boxmeer.
The shareholder approval ended a 10-week long bidding war for control of APB.
The main challenge to the Amsterdam-based brewer came from Thai Beverage, controlled by billionaire tycoon Charoen Sirivadhanabhakdi, which also holds a stake in F & N. A counter bid made by the Thai businessman in August forced Heineken to in turn raise its bid by 500 million Singapore dollars.
The go-ahead came last week when Charoen accepted the terms of Heineken's offer.
Besides Tiger Beer, APB also owns the largest selling local beer brand in Indonesia, Bintang Beer, and has a 50-per-cent share of the beer market in Singapore, Indonesia and Malaysia.
