Investor group offers to buy Manila Electric stake

MANILA Oct 30 (Reuters) - A group related to mall tycoon Henry Sy, one of the Philippines' richest men, has made an offer to buy a stake in Manila Electric Co (MER.PS) from the Lopez business clan, sources said on Friday.

The offer stokes a months-long ownership battle in Manila Electric (Meralco) that pits PLDT (TEL.PS), the country's most valuable firm, against conglomerate San Miguel Corp (SMC.PS) SMCB.PS.

Meralco shares have more than trebled this year because of the tussle. [ID:nMAN439653]

Henry Sy Jr., the tycoon's businessman son, is heading the group that made the offer to the Lopez family, two sources told Reuters. The sources declined to be identified as they were not authorised to discuss the issue publicly.

It was not clear whether the offer involved half or all the 13.4 percent stake held by the Lopez family, which has run Meralco for decades. The family patriarch said on Monday it would sell half the holding in the power firm. [ID:nMAN498722]

A deal for half the Lopez holding could be worth more than $290 million at latest prices.

The Sy family has partnered San Miguel in several ventures and was once a minority shareholder in the food-to-power conglomerate. Henry Sy Jr. joined San Miguel in a failed bid in 2007 to acquire the right to operate the country's power grid.

Another source close to the Sy group said a statement would be released later on Friday. ($1=47.5 pesos) (Reporting by Rosemarie Francisco, Editing by Ian Geoghegan)