Lucio Tan could soon be the proud owner of Philippine National Bank. Tycoon Tan put in a bid to buy the governmentÆs 30.4% stake in PNB, PhilippinesÆs fourth largest lender, for Ps6.27 billion $140 million. He was the sole bidder for the governmentÆs stake on 18 July. The nationÆs privatization committee and the central bank are due to vote on his bid on Friday, analysts say, and Tan is not expected to lose.
TanÆs offer values the bankÆs shares at Ps100 per share, 25% more than the governmentÆs minimum asking price. If his bid is accepted, Tan will end up with a 76% stake in the bank û Tan already owns 46%...
