With Saeed Azhar

WongPartnership is representing ThaiBev in its bid for OCBC’s 22 percent stake in F&N, which owns 40 percent of Asia Pacific Breweries (APB), in a possible three-way tussle for the regional beer market that became even more complicated after Heineken launched a S$5.1 billion ($4.1 billion) bid for APB.

Rajah & Tann is representing OCBC in the transaction, with partners Goh Kian Hwee, Serene Yeo and Cynthia Goh involved. Meanwhile, the WongPartnership partners involved are Ng Wai King, Annabelle Yip and Teo Hsiao-Huey.

Heineken offered to buy Fraser and Neave's stake in APB and the ordinary shares it does not already own, putting a S$50 per share bid on the table, the Dutch brewer said in a statement.

The ownership interests in one of Asia Pacific's largest breweries and the maker of Tiger beer is a complicated mix of companies.

Singapore conglomerate Fraser and Neave owns 40 percent of Asia Pacific Breweries, one of the region's largest brewers and maker of the popular Tiger beer. Heineken owns 42 percent of APB, a stake it values highly thanks to fast-growing beer sales across Asia-Pacific.

Rival brewer Japan's Kirin Holdings also owns a 14.7 percent stake in F&N.

Heineken's offer comes after companies linked to a Thai billionaire offered S$3.8 billion on Wednesday to buy stakes linked to Asia Pacific Brewery from Singapore's No. 2 bank, OCBC.

Thai Beverage pcl, controlled by tycoon Charoen Sirivadhanabhakdi, agreed to buy OCBC's 22 percent stake in F&N. As part of that deal, a company controlled by Charoen's son-in-law agreed to buy an 8.5 percent stake in Asia Pacific Breweries. The total offer was around $3 billion.

The Thai family offered S$8.88 a share for F&N shares, and S$45 a share for APB.

Heineken's counterbid includes a S$163 million offer for F&N's interest in the non-APB assets held by Asia Pacific Investment Private Ltd, a 50/50 joint venture between Heineken and F&N.

The Thai Beverage bid put pressure on Heineken to protect its highly valued investment in APB, which makes Tiger beer and other brands, operating in 14 Asian countries, including fast-growing Indonesia.

Heineken's sales in Asia through its APB holdings far outpace sales in Europe.

Credit Suisse and Citigroup are advising Heineken.

The focus now turns on whether the Thai family will raise its offer, and whether Kirin will make a move in what one analyst called a "three-way" tussle for APB.

Ranajit Dam is Southeast Asia Editor at ALB. Follow us on Twitter: @ALB_Magazine.