San Miguel to acquire Ramon Ang’s Eagle Cement

Diversified conglomerate San Miguel Corp. (SMC) on Tuesday announced its plan to acquire Ang-led Eagle Cement Corp.

In a disclosure to the Philippine Stock Exchange, SMC said its board of directors authorized the acquisition of 88.5% of Eagle Cement during a meeting on October 4, 2022.

SMC said its boards of directors authorized the management of the corporation to “negotiate and enter into a share purchase agreement with the selling shareholders.”

The company said the approved acquisition price is P22.02 per share.

The selling shareholders of Eagle Cement include Ramon Ang, John Paul Ang, Monica Ang, and Far East Holdings Inc. (FEHI).

FEHI is majority owned by Ramon Ang.

Ramon Ang is the president and chief executive officer of SMC. He is also the chairman of Eagle Cement.

Meanwhile, John Paul Ang is a member of the board of directors of SMC and also the president and CEO of Eagle Cement.

“Ramon Ang and John Paul Ang did not participate in the approval by the board of directors of the corporations of the proposed acquisition,” SMC said.

The proposed transaction will trigger notification and clearance with the Philippine Competition Commission and a tender offer of the shares held by the minority shareholders of Eagle Cement, according to SMC.

“The corporation will make additional disclosures upon the execution of definitive agreements relating to the proposed transaction,” it said.—AOL, GMA News