PLDT confirm talks with Philippines power retailer

MANILA — Philippine Long Distance Telephone Co. (PLDT) confirmed reports Wednesday it is holding buy-in talks with the family that runs the country’s top power retailer, Manila Electric Co.

Shares of the utility, better known as Meralco, have soared over the past month amid speculation the Manila-based San Miguel Corp., Southeast Asia’s top food and beverage group, is mounting a hostile takeover.

San Miguel later denied it planned to oust the Lopez family, which owns 34 percent of Meralco.

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