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Metro Pacific says may buy more shares in Meralco

Wed Nov 11, 2009 10:53pm EST

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MANILA, Nov 12 (Reuters) - Philippine conglomerate Metro Pacific Investments Corp (MPI.PS) is open to further raising its stake in Manila Electric Co (MER.PS) after a $471 million deal for control of a 6.7 percent holding, its chairman said on Thursday.

"We do not preclude buying more shares in Meralco (Manila Electric)," Manuel Pangilinan, Metro Pacific chairman, told shareholders.

Metro Pacific, a unit of Hong Kong's First Pacific (0142.HK), forged a deal last week with the Lopez family running Meralco for decades under which it was given a call option expiring at the end of March 2010 to buy a 6.7 percent stake in Meralco. [ID:nMAN304602]

(Reporting by Manolo Serapio Jr.)



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