Pangilinan, Lopezes in deal on Meralco

MANILA, Philippines — Telecom magnate Manuel V. Pangilinan has agreed to support the Lopez family’s bid to retain control of power distributor Manila Electric Co. (Meralco) in a deal that has seen his group’s entry into Meralco, an industry source said Wednesday.

The Lopez family, which has controlled Meralco for generations except during the martial-law era when Ferdinand Marcos’ brother-in-law took the blue-chip company over, is believed to be trying to fortify its hold on the country’s biggest power retailer against the diversifying beverage and food group San Miguel Corp.

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