ABS-CBN News
Posted at May 02 2017 09:13 PM
http://news.abs-cbn.com/
MANILA – Mergers and acquisitions have been moving as the Philippines’ billionaires seek to capitalize on the momentum of one of the fastest-growing economies in the world.
Here is a list of notable mergers and acquisitions in the Philippines in the last 12 months.
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Universal Robina Corp, founded by tycoon John Gokongwei, said Tuesday it was selling the rights to manufacture and distribute Hunt’s products to Century Pacific Food’s Corp, the maker of Century Tuna and Argentina Corned Beef.
The transaction, URC, said, would enable it to focus on its core snack food and beverage business. Universal Robina’s brands include Jack n Jill and C2 iced tea.
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SM Investments Corp (SMIC). in March said it was acquiring a 34.5-percent stake in 2GO, for its first foray into the fast-growing logistics business.
The conglomerate, founded by the country’s richest man, Henry Sy, wants to adapt to the changing retail landscape. “Some people will like to order from the comfort of their living room, some go to the mall to socialize and interact with other shoppers. We are going to cater to different ways,” SMIC vice chairman Tersita Sy-Coson said.
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The Ayala Group said in February that it was acquiring nearly half of online retailer Zalora, as it expands into e-commerce.
The fusion of physical and virtual spaces will create an “omni-channel retail experience,” according to Zalora, which plans to bring its “pop-up” stores to Ayala Malls.
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State-run Land Bank of the Philippines announced in November that it would acquire Philippine Postal Savings Bank and spin it off into a lender for overseas Filipino workers.
Finance Secretary Carlos Dominguez said PostBank was in the best position to serve overseas workers, given its ties to the postal service.
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PLDT Inc. and Globe Telecom, said in May last year that it would buy rival San Miguel Corp’s telecommunications assets for P70 billion, effectively stopping the entry of a third player in the industry hounded by complaints of bad service.
Access to San Miguel’s 700 Mhz frequency will increase internet speeds, PLDT and Globe said. The country’s anti-competition watchdog is investigating the deal for alleged violation of competition laws.
Filipino companies have also set their sights abroad for growth, with various acquisitions over the past 2 years.
