JG Summit offers higher bid for Philippine government's 40% stake

08-May-08
Philippine conglomerate JG Summit Holdings Inc. has offered to buy the Philippine government's 40% stake in oil refiner Petron Corp. at a higher price than the earlier offer made by London-listed Ashmore Group for Saudi Aramco's 40% stake in Petron. Both offers are also much higher than Petron's current market price. JG Summit, a conglomerate with interests in the airline industry, telecommunications, malls and real estate, and petrochemicals, has offered to purchase the government's 3.75 bln shares at 6.55 pesos per share (a total of US$577 mln) In March, global asset management company Ashmore, through SEA Refinery Holdings, made an offer to buy Saudi Aramco's shares in Petron for US$550 miln at 6.25 pesos a share. The government, through Philippine National Oil Co. which holds the Petron shares, has the right of first refusal.
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