Thai Bev shares rise after F&N gets bid for hospitality unit

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)

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