London based Ashmore, that bid for 40% stake of Aramco Overseas Co. B.V. (Saudi Aramco) in Petron Corp. has filed a tender offer for acquiring the balance stake in the oil company, through wholly owned subsidiary SEA Refinery Holdings B.V. Petron supplies nearly 40% of the country's total fuel requirements.
Ashmore has offered P6.531 per share based on the closing foreign exchange rate on Wednesday of P44.43.
The disclosure said the tender offer will start on June 16 and end on July 14. The offer of tender for shareholders is a normal process for listed companies that will undergo a block sale, and is pursuant to the Securities and Exchange Commission's rules. DBP is the financial adviser of state-owned Philippine National Oil Co. (PNOC), holder of the other 40% of Petron. The remaining 20% is listed in the stock market and is held by 180,000 shareholders. In May, PNOC waived its right to match the offer of Ashmore as stated in the shareholders' agreement of Aramco and PNOC.
The Gokongweis, through JG Summit Petrochemical Corp., offered the government P24.65 billion, or P6.55 per share, for its stake held by PNOC in Petron. Morgan and Stanley and Thailand's PTT Public Co. Ltd. are interested in PNOC's stake.
19-Jun-08 
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