San Miguel Pure Foods Receives Four Bids

Philippine conglomerate San Miguel Corporation (SMC) has received four bids for a 49% stake in its subsidiary San Miguel Pure Foods, according to a company official.

Pure Foods director Ramon Ang said the bidders include three local and one foreign, according to reuters.com.

The company’s financial adviser JP Morgan estimated Pure Foods’ total capital stock at $1.3bn, based on an estimate of ten times the firm’s earnings before interest, taxes, depreciation and amortisation.

Before last week’s bid, reports said the bidders included private equity firms Carlyle Group and CVC Capital Partners, the Campos business clan from the Philippines, and food firm Universal Robina.

Earlier this year SMC received shareholder approval to sell more than 51% of its core food and drinks businesses to fund its diversification plan.