San Miguel to sell Philippine Airlines stake

Its purchase will give billionaire Lucio Tan full control of the carrier

[MANILA] San Miguel Corp will sell back its holdings in Philippine Airlines Inc to billionaire Lucio Tan, two years after the nation's largest company took management control and led the carrier's return to Europe.

San Miguel and Mr Tan's group signed an agreement on Monday, San Miguel president Ramon Ang said in a text message.

The deal is valued at US$1 billion and requires Mr Tan to meet certain conditions within a week, according to people familiar with the transaction who asked not to be identified...

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