San Miguel tempted by processed meats business
said on Wednesday it would take a second look at acquiring RFM
Corp's processed meats and poultry unit, Swift Foods Corp.
The Philippines' leading food and beverage firm, San Miguel Corp said on Wednesday it would take a second look at acquiring RFM Corp's processed meats and poultry unit, Swift Foods Corp.
In a disclosure to the stock exchange, in response to media reports, San Miguel said: "The company confirms that it had looked into Swift Foods...Swift was offered again to San Miguel last week..consequently San Miguel will look to Swift again."
On Tuesday, a San Miguel official told Reuters there were no serious discussions at present for the purchase of Swift Foods Corp though it had earlier expressed interest in Swift to RFM.
Newspaper reports had said while no formal offer for Swift had been made by San Miguel, company officials had been signalling their interest in acquiring it.
San Miguel did not elaborate further in its statement.
In a separate disclosure, San Miguel said it and U.S.-based, The Coca-Cola Co would file a tender offer to shareholders of Cosmos Bottling Corp on the closing date for the acquisition of the firm, tentatively scheduled for the third week of December.
San Miguel subsidiary, Coca Cola Bottlers Philippines Inc and The Coca-Cola Co signed a sales and purchase agreement on November 23 to acquire RFM Corp's 83-per cent stake in its soft drinks unit, Cosmos.The disclosure said:"The record date for the tender offer will be at least 10 business days from the closing (date)...and the offer period would be 20 business days which we estimate to be between the third week of January and the first week of February 2002."
The transaction has an enterprise value of 14 billion pesos ($269.2 million), San Miguel said earlier.RFM Corp said the deal valued Cosmos at 6.045 pesos a share.
At 0356 GMT, San Miguel A-shares were flat at 41.50 pesos, while the B-shares open to foreign and local investors were off 50 centavos at 50.50 pesos.
RFM Corp stock was up eight centavos at 2.32 pesos while Swift was untraded. It last traded on June 27, closing at 60 centavos.The main composite index was up 23.82 points, or 2.17 per cent, at 1,121.48. ($1=52 pesos)
