Where’s the tender offer? Petron minority owners question San Miguel entry

Minority shareholders of Petron Corp. expressed concern that they are being left out in the cold when the company’s new majority owner, Ashmore, turned around to ink a deal with San Miguel Corp, which now has an indirect 50.1 percent stake in the giant oil refiner and retailer.

Several of Petron’s minority shareholders were asking why they are not being offered the same P6.85 price per Petron share that the diversified conglomerate San Miguel Corp is likely to pay. That price represents a 46 percent premium over Petron shares’ Friday close of P4.70.

“Whatever San Miguel paid to Ashmore should also be offered to minority shareholders,” lawyer Reynaldo Geronimo told abs-cbnnews.com/Newsbreak on behalf of several minority shareholders.

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