Del Monte says it is not speaking to Suntory

Del Monte says it is not speaking to Suntory

Singapore-based Del Monte Pacific has denied it has held discussions over a possible takeover with Japanese firm Suntory.

In a disclosure to the Philippines Stock Exchange late late week, Del Monte said that media reports linking it to the aggressive expansion plans of the Japanese food and drinks giant was false. Bloomberg reported that Suntory Beverage was looking to acquire Del Monte Pacific as it spends US$5bn on merger and acquisition deals to help double sales by 2020.

"Neither Del Monte Pacific Ltd nor its controlling shareholder, NutriAsia Pacific Ltd, nor its representatives, are in discussions with Suntory, its shareholders or representatives, with respect to any transaction purported by Bloomberg and other media," the filing said.

Del Monte Pacific launched on the Philippines stock exchange last month, the second listing for the food and drinks group after Singapore. The group has decided on a dual listing in Manila to widen its investor base and raise funds for future growth.