San Miguel Evaluating Bids for Pure Foods

(Reuters) – Philippine food-to-power conglomerate San Miguel Corp (SMC.PS) (SMCB.PS) said on Friday it has received bids for its food unit, San Miguel Pure Foods Co Inc (PF.PS), and was evaluating the offers.

Ramon Ang, company president, said the bidders showed “very keen interest” for the stake sale. He did not give the number or the identity of the bidders.

Ang has said San Miguel was selling 49 percent of Pure Foods but there had been some speculation it would sell its entire 99.9 percent holding. Pure Foods has a market capitalisation of around $1.3 billion.

Sources have said bidders included private equity firms Carlyle Group, CVC, and Philippine food firm Universal Robina Corp (URC.PS).

(Reporting by Rosemarie Francisco; Editing by Lincoln Feast)