Tan confirms SMC talks on sale of PAL stake

MANILA, Philippines - Tycoon Lucio Tan has finally broken his silence on rumors about a possible sale of part of his stake in flag carrier Philippine Airlines (PAL), saying a “negotiation” with San Miguel Corp. (SMC) president Ramon Ang is ongoing.

PAL is over 90 percent owned by PAL Holdings, which is controlled by Tan.

Tan did not divulge details of the negotiations, although there had been reports of Ang offering to buy around 46 percent of PAL.

PAL Holdings has said it is not privy to discussions between Tan and Ang as well as with Manuel Pangilinan, who has reportedly offered to acquire 100 percent of PAL. Pangilinan declined to comment on reports regarding his offer.

Highly placed sources, however, told The STAR that Ang has already clinched the deal and that only the financing aspect is being finalized. “It’s almost a done deal,” the source said.

There had been rumors that former trade minister Roberto Ongpin is helping finance the SMC acquisition of PAL.