Dutch brewer Heineken today finally won control of Tiger beer maker Asia Pacific Breweries (APB) after a two-month battle with Thai Beverage controlled by billionaire Charoen Sirivadhanabhakdi.

Shareholders of its joint venture partner in APB, Singapore-listed Fraser and Neave Ltd (F&N), voted in favour of selling the company's 39.7 per cent stake for $4.6 billion in APB to Heineken. The deal values APB at around $11 billion.

Around 98.73 per cent of F&N shareholders voted in favour of the deal.

Heineken, which holds a 42-per cent stake in APB, had earlier said that on successful closing of the deal, it would spend a further S$2.4 billion to buy out the minority shareholders according to Singapore takeover rules.

The acquisition will give the Amsterdam-based brewer control of beers brand like the iconic Tiger Beer and other brands like Anchor, Bintang and Larue, all of which are very popular in Southeast Asia.

Apart from beer, APB also owns brands in soft drinks, fruit juices, mineral water, dairy products and bottling operations.

It operates an extensive global marketing network spread across 60 countries, has 30 breweries in 14 countries, including Singapore, Cambodia, China, Indonesia, Laos, Malaysia, Mongolia, New Caledonia, New Zealand, Papua New Guinea, Solomon Islands, Sri Lanka, Thailand, and Vietnam.

But the 81 year-old JV ran into trouble last month after Thai Beverage and other companies linked to Sirivadhanabhakdi bid for 22 per cent stake in F&N and APB for $3 billion in July

A few days later, Heineken responded by offering to buy F&N's entire stake in APB for S$50 ($40) a share or $4.1 billion (S$5.1 billion) and later sweetened its offer by $500 million (See: Heineken raises bid for Asia Pacific Breweries to $4.5 billion).

The fight will now move to Charoen's $7.2 billion bid for F&N, where it already holds a 30.7 per cent stake (See: Thai billionaire Charoen upsets Heinken's $6 bn bid for Tiger Beer maker).

A proposal by F&N's board to pay shareholders $3.3 billion as dividend from the stake sale of APB, was fiercely opposed by Thai Beverage. The proposal was also rejected by shareholders in today's meeting.