Philippines to sell its stake in San Miguel
San Miguel's future growth strategy could shift.
07/02/05 San Miguel's future growth strategy - including its $1.8 billion takeover offer for National Foods - could shift after the food and beverage giant's largest shareholder, the Philippines Government, said it would sell its stake.
The Government, which owns about 40 per cent of shares in San Miguel, announced its intentions just days after National Foods released its Target's Statement recommending that shareholders accept San Miguel's offer of $6 a share.
It is not known whether the Government has found a buyer for its holding or whether the shares, valued at an estimated 90 billion pesos ($A2.13 billion), would be sold on the market, through a share placement or in a public offer.
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