San Miguel scraps plans to sell stake in Pure Foods
Months after Philippine conglomerate San Miguel Corp. confirmed that it sought to offload a 49% stake in its foods division Pure Foods – an asset that could fetch $1.3 billion in its entirety and $600 million for its minority stake – the group has reportedly halted the sales process entirely after failing to agree on share terms with its bidders
According to reports citing sources close to the deal, San Miguel ended discussions because it would only agree to sell up to 49% of Pure Foods while bidders, including a consortium of Century Pacific...
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