Despite media reports, Singapore's Fraser and Neave (F&N) has not offered to purchase 45.1% State shares worth $4 billion at the Vietnam Dairy Products JSC (Vinamilk), according to the Straits Times.

"F&N has not submitted any proposal to Vinamilk or the State Capital Investment Corporation (SCIC)”, F&N told the Singapore Exchange.

Currently, F&N still holds about 11.4% of shares of Vinamilk, and is the largest foreign investor of Vinamilk, with a value of about $550 million. 

The remaining foreign shareholders are Templeton and JP Morgan Singapore.

Information on the F&N’s acquisition of the State shares in Vinamilk has made Vietnam’s biggest milk company's stock price increase by more than 5% in the trading session on November 3, reaching VND123,000/share (about $6).

Earlier, on November 2, some local sources said that F&N wanted to acquire an entire 45.1% State stake in Vinamilk from SCIC, at a price of up to $4 billion, almost 1.5 times over the current market value of Vinamilk shares.

Theo Vietnamnet.vn