MANILA, Philippines--The Hong Kong-based First Pacific Co. Ltd. led by Manuel V. Pangilinan has offered to buy San Miguel Corp.'s 27-percent stake in Manila Electric Co. through a swap of its tollway and water distribution businesses.
But San Miguel president Ramon Ang told reporters on Thursday that his conglomerate intended to be in Meralco for the long haul although it was not closing the door to a "spectacular" offer.
Ang said the Meralco stake was not for sale but it would be open to talks with the Pangilinan group.
He confirmed that the Pangilinan group had offered to buy SMC out of Meralco and presented a number of options, such as by swapping First Pacific's interest in Maynilad Water Services Inc. and Metro Pacific Tollways Corp.
The controlling stake in these companies are held by First Pacific's local infrastructure holding company, Metro Pacific Investments Corp.
Ang said he did not know yet whether these businesses would be worth exchanging with San Miguel's stake in Meralco.
By Doris Dumlao
Philippine Daily Inquirer
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