By Ma Elisa P. Osorio (The Philippine Star) Updated July 09, 2010 12:00 AM
MANILA, Philippines - Diversifying conglome-rate San Miguel Corp. (SMC) has expressed inte-rest in acquiring a controlling stake in flag carrier Philippine Airlines (PAL) from the Lucio Tan Group.
In an interview with reporters Wednesday evening, SMC president and chief operating officer Ramon S. Ang said, however, that they will only buy PAL if they can get at least 51 percent.
“We need to at least get 51 percent so that we are the majority. If not, then what is it for,” he said.
However, Ang said he expects Tan to sell PAL only to foreign companies. “It’s a pride thing. They will not sell to local companies. They will sell to a foreigner but not to locals.” Early this year, Tan surrendered control of his cigarette company Fortune Tobacco to Philip Morris.
When asked if they can make PAL more profitable, Ang said “the airline business is a very simple business,” adding they will definitely make more money for PAL.
In the same event, PAL president Jaime Bautista pointed out they have not yet discussed any plans of selling the flag carrier. “That matter has never been discussed in our meetings.”
Bautista noted that the airline is doing well and they are looking forward to a good year due to the opening of new flights.
But a source from PAL said a number of companies have been doing due diligence on the firm but the case between PAL and its workers have delayed the proceedings. The source noted that some companies are waiting for the final resolution of the labor problem. The source said although there are a number of firms that have expressed interest in buying PAL, they have been approaching the wrong people.
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