Shares of Fraser and Neave fell 2% on Tuesday after a group led by a Thai billionaire won the takeover battle for the Singapore drinks and property conglomerate in a deal worth around $13.8 billion.

A group led by Stephen Riady's Overseas Union Enterprise withdrew after Thailand's TCC Assets, headed by billionaire Charoen Sirivadhanabhakdi, raised its offer for F&N to $9.55 a share last week and built its stake to more than 40%.

By 9:02 a.m., F&N was trading at $9.55 on volume of 44.8 million shares, of which around 37.4 million changed hands in a bloc deal. Overseas Union shares rose 4.4% to $2.86, their highest in over three months.

On Monday, F&N shares had risen 1.7% to close at $9.74, indicating Overseas Union's withdrawal was not expected by all in the market and some investors were betting on a counterbid.