A barrel of rum for San Miguel

Related tags San miguel Alcoholic beverage Corporation

The Philippines' top food and beverage conglomerate, San Miguel
Corp, is currently in talks with the management of Tanduay Holdings
Inc. to buy the rum manufacturer.

The Philippines' top food and beverage conglomerate, San Miguel Corp, is currently in talks with the management of Tanduay Holdings Inc. to buy the rum manufacturer, a local business newspaper reported on Monday. San Miguel and Tanduay were interested in clinching a deal at the right price, BusinessWorld newspaper reported.In May this year, San Miguel said it was interested in buying Tanduay but the rum maker denied it was planning to sell the firm and said it was not in talks with San Miguel. The newspaper said Tanduay controls 40 per cent of the market for hard liquor, while San Miguel unit La Tondena Distillers Inc claims a 56 per cent share. San Miguel is currently in the final stages of its acquisition of local softdrink firm Cosmos Bottling Corp from conglomerate RFM Corporation. San Miguel A-shares were down 50 centavos at 42.50 pesos, while its B shares, open to foreigners, were unchanged at 57 pesos at 0228 GMT. Tanduay was steady at six pesos.

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