Thai Bev

Thai Bev: is up 10.1% at $0.545, a fresh all-time high, extending Tuesday's 8.8% gain as the takeover of around 29%-owned FNN by TCC Assets appears assured TCC Assets and ThaiBev are both controlled by Thai billionaire Charoen Sirivadhanabhakdi. NRA says Thai Bev is the major shareholder of an "undervalued asset," believes Thai Bev will try to unlock more value in F&N. Expects the F&B business may be split into two vehicles, where there's probably more value, with other divestments a possibility. Says, the market is doing a sum of the parts valuation, but notes, "it's probably a one to two year story." F&N is up 0.1% at $9.56, with the stock likely to remain penned near the $9.55/share takeover offer.