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Asia’s regional benchmark stock index headed for its first advance in three days, driven by a rally in Japanese exporters after the yen weakened past 102 versus the dollar. Stocks outside Japan declined.
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Thailand’s richest billionaire Charoen Sirivadhanabhakdi became chairman of Fraser & Neave Ltd. after his S$13.8 billion ($11.2 billion) takeover of the 130- year-old property and beverage company.
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Jesper Madsen, manager of the Matthews Asia Dividend Fund, beat rivals over the past five years with companies whose earnings are less vulnerable to economic slowdowns. Now, he’s turning to riskier stocks as investors are bidding up shares of stable companies.
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Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
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Hemaraj Land & Development Pcl, which built industrial buildings for Ford Motor Co. and General Motors Co. in Thailand, may finance a 40 billion baht ($1.3 billion) expansion by setting up its first property fund.
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Thai billionaire Charoen Sirivadhanabhakdi’s $11.2 billion takeover of Singapore’s Fraser & Neave Ltd., clinched after a rival bid was dropped at the last minute, was more than three years in the making.
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Fraser & Neave Ltd. rose above Thai billionaire Charoen Sirivadhanabhakdi’s offer price as investors speculated that the Singapore-based company may attract a higher bid and Heineken NV considered its next step in a two-month battle to gain control of F&N’s beer business.
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Thai billionaire Charoen Sirivadhanabhakdi’s planned purchase of Fraser & Neave Ltd. for S$12.7 billion ($10.4 billion) will give him a beverages and real estate company at a 30 percent discount.
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The 100 wealthiest people on the planet added $14 billion to their collective net worth this week as the Standard & Poor’s 500 Index delivered its strongest start to a year since 1997.
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Fraser & Neave Ltd.’s chairman said he was “disappointed” Overseas Union Enterprise Ltd. failed to challenge Thai billionaire Charoen Sirivadhanabhakdi’s S$13.8 billion ($11.2 billion) bid for the property and drinks company.
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