In early 2013, Charoen won a bidding war for Singapore's Fraser and Neave, Ltd which has properties throughout Asia as well as soft-drinks operations, with debt accounting for most of the US$11.2 billion price tag. He received financing to back the deal, the largest merger-and-acquisition transaction introduced in Asia in 2012, from a group of banks including United Overseas Bank, Ltd of Singapore and DBS Bank, Ltd The total number of F&N shares owned by Charoen's group—TCC Assets and Thai Beverage—amounts to 1.19 billion, representing an approximate 83 percent stake, as of 14 February.