MANILA, Oct 23 (Reuters) - Philippine Long Distance Telephone is in talks with the Lopez group for the purchase of its stake in Manila Electric Co, Chairman Manuel Pangilinan said on Friday.
He told reporters he was in discussions with Oscar Lopez, chairman of the Lopez family's power conglomerate First Philippine Holdings Corp and that discussions should be concluded in a few weeks.
The Lopez group's 13.4 percent stake in Manila Electric is key to breaking the impasse in the tussle for control of the utility between telephone group PLDT, which is Manila's most valuable company, and food-to-power group San Miguel Corp .
'We talked to Oscar Lopez for that, because they are the owners,' Pangilinan said about the stake.
'There are ongoing discussions,' he added.
(Reporting by Karen Lema; Editing by Raju Gopalakrishnan)
((raju.gopalakrishnan@thomsonreuters.com; +632 841 8914; Reuters Messaging: raju.gopalakrishnan.reuters.com@reuters.net)) Keywords: PLDT/MANILAELECTRIC (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
He told reporters he was in discussions with Oscar Lopez, chairman of the Lopez family's power conglomerate First Philippine Holdings Corp and that discussions should be concluded in a few weeks.
The Lopez group's 13.4 percent stake in Manila Electric is key to breaking the impasse in the tussle for control of the utility between telephone group PLDT, which is Manila's most valuable company, and food-to-power group San Miguel Corp .
'We talked to Oscar Lopez for that, because they are the owners,' Pangilinan said about the stake.
'There are ongoing discussions,' he added.
(Reporting by Karen Lema; Editing by Raju Gopalakrishnan)
((raju.gopalakrishnan@thomsonreuters.com; +632 841 8914; Reuters Messaging: raju.gopalakrishnan.reuters.com@reuters.net)) Keywords: PLDT/MANILAELECTRIC (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
