San Miguel Corp. President Ramon Ang said the Philippines’ largest company received offers for gin business Ginebra San Miguel Inc. (GSMI) The unit’s shares jumped in Manila trading, even as Ang said he’s not selling.
San Miguel “received several offers,” Ang said in a mobile-phone message today, after yesterday saying Ginebra was attracting buyers. “But we are not selling,” he said today, and didn’t reply when asked to elaborate.
Ginebra climbed as much as 17 percent to 22.9 pesos, headed for its biggest gain in six months, before trading at 22 pesos as of 10:23 a.m. in Manila. The benchmark Philippine Stock Exchange Index fell 0.1 percent.
Offers of about $6.6 billion were received by San Miguel for its brewery and gin units and will be considered should it need cash for an acquisition, Ang said in an interview in January. An expansion that started more than five years ago has transformed San Miguel from a food and drinks company into the nation’s largest with investments in oil, power and infrastructure.
San Miguel rose 2.1 percent to 71.95 pesos, after climbing 9.3 percent yesterday. Ginebra advanced 4.3 percent yesterday.