F&N bondholders' 'no' vote puts spanner in property unit spin-off

Singapore

FRASER & Neave (F&N) bondholders' Thursday vote against an amendment of its bond terms has put a spanner in the works of the conglomerate's bid to spin off its property unit, with no quick and easy solution in sight.

"It's a difficult one," said a seasoned F&N analyst, noting that even as F&N shareholders were looking to get the best deal, the bondholders were also trying to get a fair deal. After the results were announced, F&N said the company and its treasury "will consider their options in light of this result and will make an announcement at the appropriate time".