Local telecommunications giant Philippine Long Distance Telephone Co. is willing to talk with conglomerate San Miguel Corp. on a potential cash buyout of the latter's 27 percent stake in the country's largest power retailer Manila Electric Co.
That is, if and only if San Miguel would be a willing seller, according to PLDT chairman Manuel V. Pangilinan, during a talk with reporters after the annual stockholders meeting of the country's most valuable company on Tuesday.
Pangilinan earlier denied reports that the First Pacific Co. Ltd. of Hong Kong, the controlling stockholder of PLDT and infrastructure holding company Metro Pacific Investments Corp., had offered to buy out San Miguel in Meralco by swapping its toll road and water distribution businesses.
Inquirer
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