ThaiBev emerges as sole bidder for $2bn slice of brewer Sabeco
Other potential bidders were put off by Sabeco’s valuation, as the stock has soared 58% this year, as well as the minority stake offered by Vietnam’s largest beer company
(Bloomberg) — Vietnam’s largest stake sale is drawing a tepid response as Thai Beverage emerges as the sole bidder willing to fork out more than $2bn for a stake in Saigon Beer Alcohol Beverage Corporation (Sabeco). A unit of ThaiBev is the only investor to register to buy at least a 25% stake in Vietnam’s largest beer company known as Sabeco, according to the Vietnam trade ministry’s website. The closing date for registration for a stake of more than 25% was on Monday, though other companies can still bid for less than that amount at the December 18 auction. ThaiBev was among a half-dozen foreign companies, including Anheuser-Busch InBev and Asahi Group Holdings, that had expressed interest in bidding for the state-owned company. Global brewers have been drawn to the heady growth prospects of the country’s beer market, driven by an expanding Vietnamese middle class and youthful population. Yet many potential bidders have been put off by Sabeco’s valuation, as the stock has soared 5...
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