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San Miguel resolves feud with Campofrio

Philippine food and beverage conglomerate, San Miguel Corp. (SMC) and Campofrio Alimentacion, SA on 10 April announced they have reached a settlement regarding the ownership dispute over San Miguel Ca…

Philippine food and beverage conglomerate, San Miguel Corp. (SMC) and Campofrio Alimentacion, SA on 10 April announced they have reached a settlement regarding the ownership dispute over San Miguel CampoCarne Corp. (SMCC). Earlier last month, SMC sued Campofrio at the regional trial court of Mandaluyong to compel the latter to buy out SMC“s stake in SMCC. Campofrio had filed a motion to suspend the proceedings on the argument the dispute should be resolved by arbitration in London. In the compromise agreement, Campofrio transferred full ownership of SMCC including facilities, machinery and equipment to SMC. For its part, SMC accepted full ownership and control of SMCC. Campofrio said that it “is transferring its entire 50% stake” in SMCC to SMC. “Our current management thrust focuses on consolidating our processed meats business in Europe, and maintaining a presence in the Philippines no longer fits our growth strategy at this time.”

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