OCBC / F&N / APB

OCBC / F&N / APB: OCBC Bank and Great Eastern have entered into an agreement with Thai Beverage to sell their stakes in F&N and APB in a deal worth a total of $3.2b. The sale values OCBC and GE combined 18.2% stake in F&N to Singapore-listed Thai Beverage at S$8.88 per share, an 11.5% premium to F&N’s last closing price of $7.96/ In a separate announcement, Thai Beverage said it is also acquiring a 3.8% stake in F&N held by Lee Rubber Company, bringing its total stake to 22% and a total sum of $2.8b. Meanwhile, OCBC’s and Great Eastern's combined 7.9% stake in APB will be sold for $920.2m, or $45 a share, to Kindest Place Groups, a company linked to Thai tycoon Charoen Sirivadhanabhakdi. The sale price works out to $45.00, an 18% premium to APB's closing share price of $38.10. OCBC said the divestment was in line with the bank's strategy of "divesting its non-core assets and re-investing in its core financial businesses. From the combined divestment by OCBC and Great Eastern, OCBC Group will make a total post-tax gain of about $1.15b or approx. 0.33c/share ($367m gain from 87% stake in GE). OCBC adds that the deal is expected to be completed in 90 days.