Philippines News Archives

Tuesday, September 19, 2000

AC ( 09/19/2000 : PSE )
This is with reference to the news article entitled "SMC, Ayala differ on pricing for Purefoods" published in the September 18, 2000 issue of the Philippine Daily Inquirer. The article reported that San Miguel Corporation (SMC) and Ayala Corporation (AC) are still far from firming up a deal on the sale of Pure Foods Corporation to SMC due to differences on how much Pure Foods is worth. A company source privy to the discussions said SMC chair Eduardo "Danding" Cojuangco has offered to buy-out Pure Foods for P8 B, but AC wanted P11 B for the company. In its letter dated September 18, 2000, AC clarified that: "Please be advised that we have not received any formal offer from San Miguel Corporation regarding its supposed interest to acquire Pure Foods Corporation. Moreover, we are not aware of any interviews or comments made by our management to the reporter who wrote the article."
- posted by StockMarket @ 9:36 PM

Monday, September 18, 2000

AC ( 09/18/2000 : AFX ) Ayala Corp said it has not received any formal offer from San Miguel Corp seeking to acquire Pure Foods Corp. "Please be advised that we have not received any formal offer from San Miguel regarding its supposed interest to acquire Pure Foods," Ayala said in response to press reports. The Philippine Daily Inquirer reported, quoting sources, that San Miguel and Ayala are far from finalising a deal on the sale of Pure Foods due to differences on valuation. The newspaper said that San Miguel chairman Eduardo Cojuangco offered to buy Pure Foods for 8.0 B pesos but Ayala Corp wants 11 B.
- posted by StockMarket @ 9:35 PM

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