San Miguel: Pure Foods sale decision next week

Reuters

Posted at Aug 10 2010 05:57 PM | Updated as of Aug 11 2010 02:56 AM

MANILA, Philippines  - Philippine conglomerate San Miguel Corp. expects to make a decision on the sale of its stake in food unit San Miguel Pure Foods Co. next week, Group President Ramon Ang said on Tuesday.

Ang told Reuters the two shortlisted buyers were still conducting their due diligence.

Late last month, San Miguel said in a statement it had cut the shortlist for a minority stake in Pure Foods to two bidders from five, without naming any of the parties.

Sources later told Reuters two Philippine groups were shortlisted -- Universal Robina Corp.  and a consortium comprising the Campos family and Century Pacific Group of Companies.