Lopez group says to keep stake in Manila Electric
MANILA, Nov 26 (Reuters) - First Philippine Holdings Corp (FPH.PS), controlled by the Lopez family, has no plans to unload its remaining 6.7 percent stake in power retailer Manila Electric Co, its chairman said on Thursday. "We don't want to sell. We want to still (keep) our stake in Meralco," Oscar Lopez told reporters, when asked if the power holding firm is considering selling out from the utility.
The PLDT group (TEL.PS) recently bought half the 13.4 percent Meralco stake held by First Philippine Holdings in a deal valued at $471 million.
The deal also ensures the PLDT group will end up owning the Lopez family's remaining stake if they decide to sell out anytime in the next three years, allowing it to eventually control about 48 percent of the country's biggest power distributor.
Conglomerate San Miguel Corp (SMC.PS) (SMCB.PS) and its allies, which hold up to 47 percent of Meralco, had been battling with the PLDT group for control of the power firm.
The takeover tussle had pushed Meralco shares up by as much as 400 percent this year, hitting a record level in July. Meralco eased 0.5 percent to 215 pesos on Thursday, still up more than 260 percent on the year. (Reporting by Manolo Serapio Jr.; Editing by Lincoln Feast) ((manolo.serapio@thomsonreuters.com; +632 841 8936; Reuters Messaging: manolo.serapio.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))
