San Miguel Recieves Offers for Distiller GinebraCecilia Yap
San Miguel Corp. President Ramon Ang said the Philippines’ largest company received offers for gin business Ginebra San Miguel Inc. 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 10 percent to close at 21.50 pesos, its biggest gain since Nov. 27. 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 gained 0.7 percent to 71 pesos, after climbing 9.3 percent yesterday. Ginebra advanced 4.3 percent yesterday.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- YouTube Bans Firearms Demo Videos, Entering the Gun Control Debate
- Under Fire and Losing Trust, Facebook Plays the Victim
- Fed Lifts Rates, Steepens Path Through 2020 for More Hikes
- Stocks Tumble, Bonds Gain as Trade Tensions Rise: Markets Wrap
- Uber Autonomous Accident Video Shows Car Just Before Collision