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San Miguel Corp in talks to acquire 49% of PAL Holdings

3-Apr-2012 6:31 PM

San Miguel Corp stated (03-Apr-2012) it is "talks with the controlling stockholders of Philippine Airlines Inc (PAL) and Air Philippines Corporation with respect to the possible investment by the company in PAL and Air Philippines". The comments were made following reports the company had firmed up a deal to acquire 49% of Lucio Tan's PAL Holdings Inc for around USD500 million. The two parties will reportedly meet on 04-Apr-2012 to discuss the details. The investment would mark San Miguel's first foray in the transportation business. Shares in the carrier increased to PHP8.30, the highest close since Oct-2007 on speculation of the stake sale. [more - original PR]