MANUEL V. Pangilinan, chairman of Metro Pacific Investments Corp., said the MVP Group has agreed to sell its minority stake in the Inquirer Group of Cos. to San Miguel Corp. President and COO Ramon S. Ang.
“Technically, no [we have not sold the stake]. But I believe we have an agreement to sell,” Pangilinan told reporters.
When asked why he is willing to sell its stake, Pangilinan said: “It’s just minority [ownership]; it’s just business. There’re no emotions involved.”
The companies, being led by Pangilinan and Ang, compete for the same ticket infrastructure projects by the Philippine government, among others. Even teams competing at the Philippine Basketball Association mirror the competitive stance of the businessmen against each other. As a result, the animosity between the two chief executives runs high.
“We hope the transition to the Prietos to Ramon Ang will be seamless,” Pangilinan said.
The MVP Group, using Excel Pacific Holdings Corp., owns a 13.08-percent stake in Philippine Daily Inquirer Inc. (PDI), as well as a 25-percent stake in the holding firm that own other assets of the PDI.
The Prieto family, meanwhile, owns 68 percent, while the rest are held by other minority shareholders, whom Pangilinan said Ang would also have to buy out to take full control of the media firm.
Ang said earlier he is buying Prietos’ stake in the company in his personal capacity and not as head of the country’s largest food and beverage conglomerate.
In a statement posted on their Twitter site, the Prieto family said talks between the two groups started in 2014 and was restarted early this year, after the family completed its annual review of the business plans for the Inquirer Group.
“The due diligence review on the Inquirer Group will be undertaken soon by Mr. Ang,” a statement said.
The group’s chairman, Marixi Prieto, said Ang is her “long-standing friend and business partner”.
The Prieto family said all the existing contracts of the Inquirer Group will remain in effect.
The Inquirer Group is the umbrella firm that publishes its flagship broadsheet of the same name. It also has other publication, such as tabloids and magazines. The group also includes a web site for its flagship paper, a radio station and a printing press.