PHILIPPINES: Metro Pacific eyes Del Monte Pacific
Citing an official from Metro Pacific Corporation, the Philippine Star has reported that the Philippine unit of Hong Kong's First Pacific Company is looking to US Del Monte Foods Company in order to break into the lucrative consumer products business.
Despite a failed attempt to acquire the Singapore-listed company, Metro is still interested in the firm given its "unparalleled reputation with consumers for high quality products and innovation," the Star's source reportedly said.
Del Monte Pacific, a joint venture between food and beverage company San Miguel and Joselito Campos, owns the Del Monte brand in the Philippines and India.
According to the report, the Metro Pacific official said that the purchase would be in line with the company's objective to drive growth through selective acquisitions.
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