Heineken tightens hold on Tiger beer

Associated Press + More

AMSTERDAM (AP) — Heineken NV says it has taken another step closer to winning its struggle to take over Asia Pacific Breweries, maker of Tiger beer.

The Dutch brewer said Wednesday it has agreed to buy an 8.6 percent stake in APB from Thailand's Kindest Place Group Ltd. for around $960 million.

On Tuesday, the company made peace with another Thai competitor that was trying to block Heineken's $4.5 billion bid to buy a 39.7 percent stake in APB from Singapore conglomerate Fraser & Neave Ltd.

Heineken already owns around 45.4 percent of APB.

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