Deal between tycoon friends sparks scrutiny of Philippine power sector
Regulators weigh concentration risk from billionaire Ramon Ang’s stake purchase in a Lopez family company
[MANILA] Philippine infrastructure tycoon Ramon Ang’s purchase of a stake in a family holding company from media scion Eugenio Gabriel Lopez III was intended to help settle a long-running family feud within the Lopez family – one of the country’s most influential corporate dynasties.
Instead, the private deal has become a regulatory hot potato, raising questions over ownership and competition in one of South-east Asia’s largest and highly concentrated power markets.
The transaction followed earlier negotiations in which three branches of the Lopez family sought to sell their combined 70.8 per cent stake in Lopez Inc for about 45 billion Philippine pesos (US$716 million), effectively handing control of the family-owned entity to a new owner.
