Thai billionaire’s F&N seeks deals in race with Coke, Pepsi

Charoen Sirivadhanabhakdi owns the TCC Group

SINGAPORE: Fraser & Neave Ltd, the drinks-maker controlled by Thailand’s richest man Charoen Sirivadhanabhakdi (pic), is searching for acquisitions to bolster its market share in South-East Asia after its war chest grew to nearly S$1bil (US$745mil) with sales of beer assets.

A potential target is Vietnam Dairy Products JSC, also known as Vinamilk, according to Lee Meng Tat, F&N chief executive officer for non-alcoholic beverages. Vietnam’s largest milk producer is an example of what F&N wants in an acquisition - a company with market presence, well-known brands, and a strong distribution network, he said.