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San Miguel could be ordered to buy oil refiner
By Ian C. Sayson |
January 13, 2009, Tuesday
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Print Edition
Print Edition
PETRON Corp rose the most in a month in Manila trading on prospects the Philippines Securities Exchange Commission may require San Miguel Corp, the largest listed food, beverage and packaging company in the Philippines, to buy the rest of the nation's biggest oil refiner.
Petron, the largest oil refining and marketing company in the Philippines, gained 4.3 percent to 4.90 pesos (10 US cents) as of 11:36am in Manila, heading for its biggest gain since December 9.
The main Philippine Stock Exchange rose 0.6 percent.
The SEC may ask San Miguel to offer to buy the rest of Petron after three of its executives were elected to the board of the oil refiner, the Philippine Star said yesterday, citing an unidentified regulator. The SEC will evaluate if the election of the officials and San Miguel's option to purchase a 50.1-percent indirect stake in Petron has triggered the tender offer rule, the Star said.
"This is a positive development because a tender offer will allow minority shareholders to participate in San Miguel's purchase of a controlling stake in Petron," Paul Joseph Garcia, chief investment officer at the Manila unit of ING Investment Management told Bloomberg News. "It levels the playing field for all investors." Still, "it's pure and simple speculation" that San Miguel will be made to initiate the offer, Garcia said.
San Miguel said last week it will pay US$10 million for a two-year option to buy the indirect stake in Petron.
Petron, the largest oil refining and marketing company in the Philippines, gained 4.3 percent to 4.90 pesos (10 US cents) as of 11:36am in Manila, heading for its biggest gain since December 9.
The main Philippine Stock Exchange rose 0.6 percent.
The SEC may ask San Miguel to offer to buy the rest of Petron after three of its executives were elected to the board of the oil refiner, the Philippine Star said yesterday, citing an unidentified regulator. The SEC will evaluate if the election of the officials and San Miguel's option to purchase a 50.1-percent indirect stake in Petron has triggered the tender offer rule, the Star said.
"This is a positive development because a tender offer will allow minority shareholders to participate in San Miguel's purchase of a controlling stake in Petron," Paul Joseph Garcia, chief investment officer at the Manila unit of ING Investment Management told Bloomberg News. "It levels the playing field for all investors." Still, "it's pure and simple speculation" that San Miguel will be made to initiate the offer, Garcia said.
San Miguel said last week it will pay US$10 million for a two-year option to buy the indirect stake in Petron.
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