May 14, 2014 / 3:07 AM / in 4 years

Philippines' Emperador shares rise after bourse lifts suspension

MANILA, May 14 (Reuters) - Shares of Philippine liquor manufacturer Emperador Inc went up as much 6.6 percent on Wednesday before erasing gains after the lifting of a trading suspension.

Emperador shares rose to as much as 12.98 pesos per share but later fell to as low as 11.80 pesos after trading resumed. That followed the submission of additional information about its purchase of Scottish whisky company Whyte & Mackay Group Ltd for $729 million, its biggest acquisition to date.

Emperador stocks were last traded on Friday at 12.18 pesos, before news of the company’s deal to acquire Whyte & Mackay, a unit of India’s United Spirits Ltd , which is in turn controlled by Diageo Plc.

Reporting By Siegfrid Alegado; Editing by Paul Tait

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