29 Mar '11, 10am

Two top Philippine telecom players merge

MANILA : Philippine Long Distance Telephone and a key rival announced a 69.2 billion-peso (US$1.59 billion) merger on Tuesday amid intense competition and falling profits. PLDT chairman Manuel Pangilinan said his company would acquire a 51.5 percent stake in Digital Telecommunications Philippines Inc, also known as Digitel, in a share swap with principal shareholder JG Summit Holdings. The deal leaves JG Summit with about 13.7 percent of the bulked-up PLDT. After the deal is closed, PLDT will be required to make a tender offer for all remaining shares held by Digitel shareholders. "For PLDT, this transaction fortifies its position as the leading telecommunications company in the Philippines," Pangilinan said in a joint statement. James Go, chief executive of JG Summit, the holding firm controlled by Filipino-Chinese industrialist John Gokongwei, said the deal allows the co...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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