San Miguel still in discussions with RFM

The Philippines' leading food conglomerate San Miguel Corp said on Tuesday it was still discussing the purchase of soft drinks firm Cosmos Bottling Corp with RFM Corp. Reacting to a newspaper report that San Miguel's unit, Coca-Cola Bottlers Philippines Inc, would be the corporate vehicle for buying Cosmos from RFM, San Miguel said no agreements had been reached in terms of pricing and the structure. "The company reiterates that it is still in discussions with RFM for the acquisition of RFM's entire stake in Cosmos. No agreements have been reached as to price, structure, and other details,"​ San Miguel said. "The company cannot comment on the vehicle that will make the acquisition, or whether, in the event of a successful acquisition, Cosmos will remain listed or delisted."​ San Miguel edged out PepsiCo Inc last week in a bidding war for Cosmos, the country's second-largest beverage firm, by reaching an agreement in principle with RFM to purchase its 83.5 per cent stake in Cosmos. The deal would seal San Miguel's dominance over the Philippine beverage industry. San Miguel owns a 65-percent stake in Coca-Cola Bottlers Philippines, the Philippine's leading bottling firm, which is a joint venture with Coca Cola.