Gold
San Miguel Corp to buy Eagle Cement via P97-B takeover deal
07 Oct 2022 CW Team
As billionaire Ramon S. Ang consolidates his businesses, conglomerate San Miguel Corp plans to take control of subsidiary Eagle Cement in a P97 billion deal.
In a stock exchange statement, SMC stated that its board of directors and the related party transaction committee approved the acquisition of 88.5 per cent of Eagle Cement, a publicly traded cement company, at the approved price of P22.02 per share.
This was a 43 per cent increase over Eagle Cement's previous closing price of P15.40 per share. SMC will also make a mandatory tender offer to the minority owners of Eagle Cement.
Ang is the president and COO of SMC, one of the country's largest corporations with operations in food, beverages, power, and infrastructure.
