Kirin Says No Decision on Its F&N Stake

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Kirin Holdings Co. said Tuesday that no decision has been made on its stake in property, soft drinks and publishing empire Fraser & Neave Ltd.

The comment came after Indonesia’s Overseas Union Enterprise Ltd. (LJ3.SG) said Monday that it has decided not to revise its offer for F&N, meanings its bid has lapsed, leaving only the offer from Thai billionaire Charoen Sirivadhanabhakdi.

The Japanese brewer and soft-drinks maker said in November it had decided to team up with Overseas Union Enterprise and would tender its entire 15% stake in F&N to the Indonesian company. Kirin was then aiming to buy back F&N’s food and beverage operations–mainly Fraser & Neave Holdings Bhd. (3689.KU)–the Malaysian arm of Singapore-based F&N.

A local media report said a strong likelihood now exists that Kirin will unload its stake in F&N to pocket cash worth tens of billion yen. But Kirin said in a statement that the report is not based on information provided by the company.