F&N

F&N: Amid reports Coca-Cola and Kirin may bid for Fraser & Neave's F&B assets, CIMB tips five possible options for Kirin, holder of a 15% F&N stake, noting the Japanese beermaker hired Deutsche Bank to examine how to defend its interest. Kirin could make a counteroffer to Heineken's $50/share bid for F&N's APB stake, it could bid for F&N, it could bid for F&N's 56.3% stake in Fraser & Neave Holdings, it could launch an FNH takeover bid or it could do nothing, the house says. APB, which owns the beer business, is the most attractive asset among all of F&N's businesses. If F&N accepts Heineken's APB bid, "attention would then turn to F&N's F&B business, which is its next most lucrative asset. House keeps FNH at Underperform with Rm13.40 TP in the absence of an official announcement of potential M&A, but notes a potential bidding war could spur a premium. F&N and APB shares are halted