DJ MARKET TALK: FN +0.8% Kirin Steps Unsurprising-Phillip Sec
 

0236 GMT [Dow Jones] Fraser Neave (F99.SG) is up 0.8% at S$7.98, in relatively modest gains, with Asia Pacific Breweries (A46.SG) edging up 0.4% to S$48.68, suggesting players aren't terribly confident a competing bid will emerge to top Heineken's (HEIA.AE) S$50/share offer for F&N's stake. People familiar with the matter told Dow Jones 15% F&N stakeholder Kirin (2503.TO) is in early discussions with bankers for a potential APB bid. "If Kirin does come in and make a bid for APB, that's not a surprise," says Lee Kok Joo, Phillip Securities' head of research "that's also the anticipation of investors as well." He dismisses expectations Kirin may try to increase its F&N stake as an alternative to buying APB. "They are actually going for APB. That's where the synergy lies." Orderbook quotes suggest F&N is unlikely to retest its S$8.10 intraday high, while APB appears unlikely to test the S$50 level.