Lepanto in talks with to Hong Kong-based firm
Posted on November 19, 2009
Filed Under Corporate Acquisitions | Leave a Comment
Publicly-listed company, Lepanto Consolidated Mining Co. said it was in talks to sell a stake to Hong Kong’s First Pacific Co. The Hong Kong-based firm had reportedly completed due diligence.
The report said however that talks had bogged down because Lepanto was only offering a 20 percent stake. First Pacific reportedly wants to acquire all the assets of Lepanto, including its subsidiary Manila Mining Corp.
First Pacific controls the Philippines’ most valuable firm, Philippine Long Distance Telephone Co., and Metro Pacific Investments Corp. Through these units and allies, it also controsl 48 percent of power Utility Manil Electric Co.
Lepanto’s A and B shares both closed two percent down on Wednesday, underperforming the overall market which closed 0.68 percent up.
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