Firm drops bid for San Miguel stake

In a manifestation before the Supreme Court, the Philippine Coconut Producers Federation, Inc. (Cocofed) said Top Frontier Investments Holdings, Inc., had withdrawn its offer for the 24% San Miguel stake, which the farmer’s group is disputing with the government.

It said Top Frontier sent a letter to Cocofed last January 27 declaring “adverse developments” — primarily the global downturn -had “transpired which effectively prevent us from proceeding with the transaction.”

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