Philippine brewing giant San Miguel Corp may turn to the government for help in fighting off a hostile takeover bid by the First Pacific Group. San Miguel could resort to the 'national patrimony strategy' used by a local businessman to nullify the sale of the Manila Hotel to Malaysia's Renong group, San Miguel sources said yesterday.
The Supreme Court earlier this year cancelled the sale on the argument that the hotel was part of the national patrimony and should not be owned by foreigners.
Two San Miguel executives confirmed they are 'considering' this option.
San Miguel spokesman Mon Santiago said only 'we will seek expert advice' on the matter.
San Miguel's barricade-building comes despite a lack of firm evidence that Hong Kong-based First Pacific is preparing a takeover bid and scepticism by financial analysts such a bid would be successful.
Rumours of the purported takeover have circulated in Manila's stock exchange for several weeks, leading San Miguel to make an announcement last Friday.
San Miguel senior vice-president and assistant corporate secretary Emmanuel Javelosa said: 'There is reasonable ground to believe that the First Pacific Group is in the process of trying to acquire a substantial block of SMC shares.' The statement said San Miguel was seeking advice on how to 'protect the interests of the stockholders and the corporation'.