San Miguel Says Bidders for Pure Foods Stake Are Down to Two

San Miguel Corp., the biggest food and drinks maker in the Philippines, said there are two remaining bidders for a minority stake in its poultry and hot dog unit, down from as many as five.

“The two bidders will proceed to further due diligence prior to final negotiations,” President Ramon Ang said today, without naming them. San Miguel earlier this year valued the unit, San Miguel Pure Foods Co., at $1.8 billion