San Miguel to complete foreign firm takeover next month

SAN MIGUEL Corp. expects to complete its takeover of a “big” Asian firm next month, an official yesterday said, signaling the conglomerate’s continued march towards more acquisitions four years after it first bared its diversification strategy.

The conglomerate, however, plans to retain majority control over its existing subsidiaries despite plans for several share sales this year, the official said.

“We have one big international acquisition very soon,” San Miguel President and Chief Operating Officer Ramon S. Ang told reporters after the company’s annual stockholders’ meeting.

“July is the set date for the signing [of the deal],” Mr. Ang said, adding that the Asian company to be purchased has a good cash flow.

He declined to elaborate.

Read more at Business World

Con Yap