Construction Industry News
As billionaire Ramon S. Ang consolidates its businesses, conglomerate San Miguel Corp plans to take control of subsidiary Eagle Cement in a P97 billion deal.
In an exchange statement, SMC stated that the board of directors and related party transaction committee approved the acquisition of 88.5% of Eagle Cement, a publicly traded cement company, at the approved price of P22.02 per share.
This was a 43 percent increase from Eagle Cement's previous closing price of P15.40 per share. SMC will also make a mandatory offer to the minority shareholders of Eagle Cement.
Ang is the president and COO of SMC, one of the country's largest companies with operations in the food, beverage, energy and infrastructure sectors.
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