Philippine conglomerate Ayala Corporation said on Wednesday it had held talks on the sale of its unit, Pure Foods Corporation, but had not reached any agreement at this point.
The Philippine Star new…
Philippine conglomerate Ayala Corporation said on Wednesday it had held talks on the sale of its unit, Pure Foods Corporation, but had not reached any agreement at this point. The Philippine Star newspaper earlier reported Ayala was close to the sale of its 93% holding in the unit. Food and beverage giant San Miguel Corporation and European equity fund management company, Citibank Venture Capital (CVC) were the two contenders. The report said the offers ranged from seven to 10 billion pesos (US$ 147.37 million to US$ 210.53 million), with San Miguel currently conducting due diligence studies on the poultry, processed meat and flour company. In its disclosure, Ayala said it had “held discussions with various parties regarding the sale of Pure Foods Corporation”.