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PLDT-Lopez group gets majority of Manila Electric board

Mon May 25, 2009 10:48pm EDT

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MANILA, May 26 (Reuters) - Shareholders of the Manila Electric Co (Meralco) (MER.PS) elected on Tuesday six nominees belonging to the alliance of the PLDT group (TEL.PS) and the Lopez business clan to the company's board of directors.

The remaining five nominees elected out of the total 11 are aligned with San Miguel Corp (SMC.PS) (SMCB.PS) and its partners. San Miguel and PLDT have been seen to be in a power struggle for the Philippines' biggest power distributor.

The PLDT group and the Lopez clan hold a total of about 43.5 percent in Meralco, almost the same as the stake held by San Miguel and its business allies. PLDT and San Miguel bought stakes in the power distributor to boost their own telecoms ventures using Meralco's fiber optic network. (Reporting by Manolo Serapio Jr.; Editing by Muralikumar Anantharaman)



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