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MANILA, Philippines -- San Miguel Corporation said Tuesday it would team up with Toyota Tsusho Corp. of Japan to buy a grains terminal at the mouth of Manila Bay.

"We confirm that the company and Toyota Tsusho Corp. are in negotiations with Asian Terminal Inc. for the acquisition of the Mariveles Grains Terminal in Bataan," San Miguel said in a statement.

The firm is Southeast Asia's largest food and beverage group.

Press reports said the joint-venture deal for the port facility would cost P1.6 billion ($34.9 million) and should close by yearend, making San Miguel the regional leader in grain distribution and logistics.

San Miguel would have a 60-percent controlling share, the reports said, quoting company president Ramon Ang.

The company statement did not provide details.

• Atlas to supply copper to Swiss firm
• World stocks hit lowest in almost two years
• Plans for food security, energy market pushed

• S&P affirms RP ratings, stable outlook
• Banks still get to boost lending
• Thrift bank up for sale
• BSP ready to act to counter downturn
• Focus backs out of Tindalo venture
• BSP wants cover for forex losses
• GMA 7 expanding overseas
• IPP contracts sale pushed
• Mobile money exchange scheme launched
• Lodestar, OVMPC sign deal