Thai Beverage Pcl and TCC Assets, owned by Thai billionaire Charoen Sirivadhanabhakdi, said they will vote this week against Fraser & Neave Ltd.’s plan to distribute $4 billion to shareholders.

The two companies will vote against F& N’s cash distribution proposal at the shareholders meeting on Sept. 28, ThaiBev said today in a statement to the Singapore Stock Exchange. Shareholders in the meeting will also vote on Dutch brewer Heineken NV’s offer to buy F& N’s stake in Asia Pacific Breweries, or APB.

F& N said last month it plans to distribute to shareholders about $4 billion of the proceeds from the sale of APB through capital reduction of one for every three F& N shares. The proposal requires the approval of 75% of shareholders to proceed. F& N recommended that holders accept Heineken’s increased $53-per-share bid for the 40% stake in APB in August. ThaiBev and TCC Assets have an aggregate stake of about 30.66% in F& N, ThaiBev said in the statement today.

Charoen’s ThaiBev and TCC said earlier this month that they will back Heineken’s $5.6 billion offer for F& N’s beer business, which may pave the way for the Thai billionaire to take control of F& N’s other assets. The Dutch brewer agreed not to make a competing offer for F& N’s other assets.

TCC Assets, controlled by 68-year-old Charoen, made an $9 billion bid for the 70% of F& N he doesn’t control on Sept. 13, offering $8.88 a share for the conglomerate.

It is the largest takeover announced by a Thai company in at least 10 years, according to data compiled by Bloomberg. A successful bid by Charoen’s companies would add fast-growing soft drinks, dairy and real-estate businesses to their portfolio.