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PHILIPPINES: San Miguel on the acquisition trail

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The chairman of Philippines food and beverage group, San Miguel Corp., Eduardo Cojuangco, has said he wants to build the group into a major regional force in Southeast Asia. The company has also revealed that it is currently in talks to acquire both a local and a foreign company.

"It is our desire to become a valid player (in the region) and a major player at least in Southeast Asia," Cojuangco said.

The group's chief operating officer, Ramon Ang, said the group is looking to invest in or acquire companies in Thailand, Indonesia, Malaysia and Hong Kong.

"Our priority is to invest in countries close to the Philippines, where there are similar markets and where we can immediately derive synergies," he said, adding that the group was in talks to acquire both a local and a foreign company. One of these acquisitions, Ang said, could potentially add about $1.5 billion to group turnover which stood at Peso121.59 billion in 2001.


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