SINGAPORE, Oct 10 (Reuters) - Shares of Thai Beverage PCL
rose as much as 11.5 percent on Wednesday after its takeover target Fraser and Neave Ltd received a bid for its hospitality and serviced residence business.
Companies linked to Thai billionaire Charoen Sirivadhanabhakdi, including Thai Bev, own 33.5 percent of F&N and have launched an offer to buy all of the Singapore group.
By 0329 GMT, Thai Bev was up nearly 9 percent at S$0.425 on volume of 87.3 million shares traded, 2.7 times its average daily volume over the last five sessions.
Overseas Union Enterprise Ltd made a S$1.4 billion ($1.14 billion) bid for F&N's hospitality and serviced residence unit that was rebuffed by the Singapore conglomerate, a source with knowledge of the matter said.
(Reporting by Charmian Kok)
Keywords: THAIBEVERAGE F&N/