PHILIPPINES: San Miguel still eyeing RFM meat division
San Miguel Corp. (SMC) of the Philippines said today [Tuesday] that it is continuing to consider the meat processing and poultry unit of compatriot group RFM Corp. as a potential acquisition opportunity. SMC earlier announced that it was making US$1bn available for acquisitions this year, both at home and overseas. The group has been eyeing RFM's meat division since last year. RFM confirmed in a statement yesterday that it has been holding talks with SMC over the possible sale of the unit. RFM president and CEO Jose Concepcion took the opportunity to deny speculation that SMC is interested in buying RFM itself, which mainly focuses on milling operations.
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