SM keeps Ortigas bid alive
MANILA, Philippines - The SM group and Ayala group are officially competitors for another asset - the Ortigas property business.
There has been a stalemate for months after the Ortigas family split, with one faction siding with Ayala and the other with SM.
SM Investments chief finance officer Jose Sio said their bid for Ortigas is still alive.
"Our offer is still there... We are willing to sit down. Our offer is still effective," Sio told reporters.
Last August, Ayala Land Inc's board of directors approved a strategic alliance with the group led by Ignacio R. Ortigas. The deal will pave the way for Ayala's entry into OCLP Holdings, the parent company of Ortigas & Co. Ltd.
Prior to the deal with Ayala Land, the SM Group had offered to buy Hong Kong Shanghai Banking Corp.'s (HSBC) 34% stake in the property firm for P11 billion. - Report from Warren de Guzman, ANC