SMC reportedly close to deal to purchase stake in Philippine Airlines

San Miguel Corp (SMC) is close to reaching a deal to purchase 49% of Philippine Airlines having completed due diligence on the carrier, according to a report in Reuters. The deal, which is worth approximately USD500 million, would give SMC management control of the airline. Philippine Airlines' current owner Lucio Tan would decrease his stake in the company to 51%. Philippine Airlines president Jaime Bautista said the talks only involve SMC and Lucio Tan, not the airline itself.