While Bank of the Philippine Islands has entered an advanced stage of negotiations to acquire a controlling stake in Philippine National Bank, the prospective banking deal of the decade seems to have encountered a major stumbling block—getting the imprimatur of taipan Lucio Tan.
MANILA, Philippines—Delays in the government’s decision—either to approve or reject—Philippine Long Distance Telephone Co.’s (PLDT) acquisition of the Sun Cellular brand is affecting expansion plans of both telecommunications firms. According to a company official, many network-related investments and other expansion expenses have been put on hold until the National Telecommunications Commission (NTC) hands down its [...]
Power-based conglomerate San Miguel Corp. has executed the sale of P13 billion worth of shares in Manila Electric Co. equivalent to a 5.2 percent interest in the power distributor (out of SMC’s 27 percent) to food unit San Miguel Pure Foods Co. About 59 million shares were sold by the parent to the subsidiary at [...]
KUALA LUMPUR—Fast-growing budget airline AirAsia is pushing for management control of loss-making rival Malaysia Airlines under a reported share swap, a source with knowledge of the deal told AFP Monday. Trading in the shares of national flag carrier Malaysia Airlines and Malaysia-based AirAsia was suspended on Monday following press reports that the swap could give [...]
