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Thai Beverage acquire Oishi


May 16, 2008

Thai Beverage acquire Oishi

Thai Beverage Plc , the country's largest brewer and distiller, plans to take over Thai green tea and sushi maker Oishi Group PCL for 6.94 billion baht ($214 million), reported Reuters.

Thai Beverage - the maker of market leaders Beer Chang and Mekhong whisky - has agreed to buy a 43.9 percent stake in Oishi from Yodkit Thurakij Co, for 3.045 billion baht ($94 million), Oishi said in a statement.

The price Thai Beverage paid - 37 baht a share - represented a premium to the current price of around 35 baht.

The stock, which surged 23 percent since last Friday, rose 1.43 percent to a two-year high of 35.50 baht when it resumed trading on Friday when the main Thai index was up 1.1 percent.

The deal, which enables Thai Beverage to expand into non-alcohol business, is subject to approval from shareholders of the two firms and expected to be completed by the end of September, it said.

Thai Beverage will make a tender offer to buy the rest of the Oishi shares it does not already own, it said but gave no timeframe for the tender offer.

Singapore-listed Thai Beverage and unlisted Yodkit Thurakij are controlled by Thai liquor tycoon Charoen Sirivadhanabhakdi.

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