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Gokongweis offer P24.6B for gov't stake in Petron


MANILA, Philippines - The government on Thursday received a multi-billion peso offer for its 40-percent stake in Petron Corp., the country's largest oil refiner. The offer was made by the JG Summit group, a cluster of companies owned by the influential Gokongwei family. JG Summit is offering to buy all of state-owned Philippine National Oil Co's 3.75 billion shares in Petron for P6.55 per share or a total of P24.6 billion. The company is set to come out with a disclosure on the transaction later in the day, but JG Summit senior vice president BJ Sebastian has already confirmed the offer to GMANews.TV. For his part, Finance Secretary Margarito Teves said the government is considering the offer, but would entertain it through a competitive process. "We are keeping our options open on the government's remaining stake in Petron. We will ensure, however, that any transaction if ever undertaken will be under an open and competitive process," Teves said. If PNOC does sell its stake, Petron, the country's biggest oil firm, will already be fully-privatized. Another 40-percent in Petron is held by Aramco Overseas group and is set to be sold to London's Ashmore group. The remaining 20 percent in the firm is held by the public. - GMANews.TV
Tags: jgsummit, petron, pnoc
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