Cosmos shares increase

Philippine soft drinks firm Cosmos Bottling Corp jumped 8.5% by mid-trade on 24 July, driven by speculation that a takeover by beer giant San Miguel Corp will be announced this week.
Cosmos was up 50…

Philippine soft drinks firm Cosmos Bottling Corp jumped 8.5% by mid-trade on 24 July, driven by speculation that a takeover by beer giant San Miguel Corp will be announced this week. Cosmos was up 50 centavos at PHP 5.20, on volume of PHP 70.914 million or 49% of the market“s value turnover. It was the most actively traded stock. RFM Corp., the parent firm of Cosmos, was the third most active. It was up 30 centavos at PHP 2.38. “This is due to the announcement that RFM may complete the deal with San Miguel regarding the acquisition of Cosmos,” said Roberto Cano, a stock analyst at BPI Securities. San Miguel is scheduled to hold a board meeting on 25 July. A source said the plan for the purchase of Cosmos would be formally presented to the board for approval at the meeting. Coca-Cola Bottlers Philippines, a joint venture between San Miguel and Coca-Cola Co., 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% stake in Cosmos.