Image via WikipediaMANILA, Philippines – Diversifying giant San Miguel Corporation now controls 68 percent of oil refiner Petron Corporation after it exercised the option to acquire 60 percent of the outstanding shares of Sea Refinery Corporation.
SMC said in a disclosure to the Philippine Stock Exchange said the December 15, 2010 acquisition, equivalent to 24 million Petron shares is in line with the Option Agreement dated December 24, 2008.
The conglomerate plans to raise its stake in Petron to as much as 90 percent if given an opportunity by the Ashmore Group which still holds a block of the oil firm’s shares.
“We will want to buy more and maybe we can buy up to 90 percent,” said SMC president Ramon S. Ang in an earlier interview.
http://www.mb.com.ph/articles/293289/smc-completes-acquisition-68-petron
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