Thai tycoon raises F&N bid

Thai billionaire Charoen Sirivadhanabhakdi has raised his bid for Singapore-listed conglomerate Fraser and Neave or F&N

His company, TCC Assets, said it's increasing its offer for F&N shares from 8 dollars and 88 cents a share to 9 dollars and 55 cents a share.

TCC's latest 13.75 billion dollar offer trumps the 13.1 billion dollar or 9 dollars and 8 cents a share bid that was tabled by property firm Overseas Union Enterprise or OUE.

OUE is controlled by Indonesia's Lippo Group, whose founder is Indonesian tycoon Mochtar Riady.

The revised offer came ahead of a planned auction of the conglomerate next week

F&N became a takeover target in September after selling off its most prized asset, Asia Pacific Breweries, to Dutch brewer Heineken.

A takeover contest between the Thai and Indonesian tycoons has dragged on since then, with both parties seeking several extensions of deadlines to submit their final offers.