merger

Manny Pangilinan to buy Philippine Airlines (PAL)?

Manny V. Pangilinan (MVP) is on a buying spree.
Through his holding firm Metro Pacific Investments Corp. (MPI), MVP acquired the following:

  • telecommunication company PLDT in 1988;
  • water concessionaire Maynilad in 2006;
  • the Manila North Tollways in 2008;
  • the Philippines’ largest mining company Philex in 2009
  • power distribution company Meralco in 2009;
  • hospital Makati Medical Center in 2009;
  • broadcast network ABC5 (now TV5) also in 2009

Now it appears that MVP wants to add in this portfolio another company that is significant to most Filipinos. Rumor has it that he is already in talks to buy the country’s flag carrier, Philippine Airlines or PAL.

Read More

Agri-Nurture (ANI) buys Big Chill fruit juice company

Food producer and trader Agri-Nurture Inc. (ANI) recently announced it is acquiring a majority stake in The Big Chill Inc. (TBC), a local seller of fruit juice and food products.
In a disclosure to the Philippine Stock Exchange, ANI said it would own 51% of TBC after making a cash payment of P20 million to the company.

Read More

PLDT-Digitel deal hikes PSE index by 3%

Finally it happened. The Philippine Stock Exchange index (PSEi) received a much-needed boost yesterday, thanks to the news of PLDT acquiring a majority stake in Digitel.

Since the start of the year, the PSEi has been averaging a downside of 10%. Yesterday, the index jumped 2.98%, up 116.51 points to close at 4,023.74.

The market rally was led by PLDT (stock code: TEL) which gained 15.72% in one day, closing at P2,356. TEL was also yesterday’s most actively traded and top gainer stock.

Read More