Philippines' San Miguel eyes major acquisition

09:04, May 14, 2010      

Email | Print | Subscribe | Comments | Forum 

Philippine's diversifying conglomerate San Miguel Corp. is looking at acquiring another energy company this year, a move widely seen to complement its oil refining business.

The 2 billion U.S. dollar deal will give one of Southeast Asia' s biggest conglomerate a 60 percent stake in a "very good" energy company with a "very strong cash flow" and whose business was related to that of Petron Corp.-- Philippines' biggest oil refiner, San Miguel President Ramon Ang told reporters on Thursday.

"We are in the final stage of negotiation. The potential acquisition (is) worth at least 2 billion U.S. dollars in equity value," Ang said but stopped short of disclosing the identity of the energy firm.

San Miguel also wants to buy additional shares in Petron Corp. to secure a majority control and is interested in oil and gas firm PNOC-Exploration Corp. if the Philippine government will privatize it, Ang said.

To finance the acquisition, San Miguel will sell an additional 14 percent stake in its packaging business to Japanese partner Nihon Yamamura Glass, which will boost its war chest by another 100 million U.S. dollars.

Aside from the packaging business, the conglomerate will also trim down stake in its other core businesses, mostly food and beverage, Ang said.

"We just want the flexibility (but) there is no plan to give up a majority stake in the beer business," Ang said.

Source:Xinhua

(Editor:黄蓓蓓)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based eastday.com reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion