By Michelle Orosa, ABS-CBN News
MANILA - The Lopez-led First Pacific Holdings Corp. (FPHC) chose to divest its 6.7%, or half of the remaining, stake in Manila Electric Company (Meralco) to the PLDT group. The transaction, worth about P22.4 billion, can be completed up to March next year.
During the FPHC board meeting Thursday, PLDT affiliate Metro Pacific Investment Corporation (MPIC) exercised its right-of-first-refusal and matched the P300 per share offer of TriRatna Holdings Corporation, a group led by Henry Sy, Jr., the son and namesake of the country's richest man.
The right to the additional Meralco shares ups PLDT Group's stake to 41.4%. MPIC has existing 14.7% and PLDT unit, Piltel, has 20% stake in the power company.
The FPHC decision, however, has not put to rest the battle for control of Meralco. San Miguel Corporation, a major Meralco shareholder and ally of TriRatna, had claimed that it has up to 47% stake in the power firm.
The offer of TriRatna, made last Friday when PLDT and FPHC were on the last stretch of their talks, essentially increased the deal price for the PLDT group of between P1.5 billion and over P8 billion.
Previously, PLDT was considering to buy FPHC's stake at only P150 to P280 per share. Read More...
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