Philippines' JG Summit confirms in talks to buy Meralco shares
MANILA (Reuters) - Philippine conglomerate JG Summit Holdings Inc (JGS.PS) said on Wednesday it was in discussions with San Miguel Corp (SMC.PS) to acquire the latter's shares in the country's largest power distributor Manila Electric Co (Meralco) (MER.PS).
San Miguel said on Tuesday it was in talks with JG Summit to sell its Meralco stake. Both companies were silent on whether the discussions involve just a portion of San Miguel's 27 percent interest in the power firm or the entire stake.
Shares of JG Summit climbed as high as 4 percent in early Wednesday trade before paring gains to around 2 percent as of 0339 GMT. San Miguel was up 0.3 percent while the broader stock index .PSI lost 0.5 percent.
(Reporting by Rosemarie Francisco; Editing by Edwina Gibbs)
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