Metro Pacific tightens grip on Philippine power giant Meralco as San Miguel trims stake
The purchase at a huge premium will raise Pangilinan-led Metro Pacific’s stake in Meralco to 49.4%
[MANILA] Ownership of the Philippines’ largest electricity distributor Manila Electric Co (Meralco) is shifting, as one tycoon strengthens his grip while another cuts his exposure.
Manuel Pangilinan’s Metro Pacific Investments Corp has agreed to pay a hefty premium for a 1.9 per cent stake in Meralco from Ramon Ang-led San Miguel in a 12.4 billion peso (US$198.4 million) deal.
The transaction will raise Metro Pacific’s holding to 49.4 per cent, keeping its holdings just below majority ownership to avoid triggering a full takeover under local securities rules.
