Philippines: San Miguel Corp To Initiate Talks For Stake in Petron
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Tuesday, 28 October 2008 |
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San Miguel Corp management has secured authorization from the board of
directors “to initiate talks with the Ashmore Group for a possible
stake in Petron Corporation.
In August it was announced that presidential approval is
needed before the Department of Finance (DOF) can dispose of the
government’s remaining 40-percent stake in Petron Corporation and that
this was likely to happen by December.
San Miguel Corp. (SMC), the Philippines’ largest food and
beverage conglomerate, also approved a plan to acquire a significant
stake in Manila Electric Co. (Meralco), the country’s biggest
electricity distributor.
The announcement, disclosed at the Philippine Stock Exchange this week,
allows the food conglomerate to buy the 27 percent stake held by the
Government Service Insurance System (GSIS) for P90 apiece, twice the
current prices of Meralco shares.
PetrolWorld 271008
25th Aug 2008 Petron Stake Sale Requires Presidential Approval
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