As MA deals go, the attempted sale of First Pacific's stake in PLDT to Philippine tycoon John Gokongwei has broken new ground in a number of economic and philosophical respects.
With Gokongwei's withdrawal, First Pacific has discovered a new form of equity - the type that the owner is not allowed to sell if the management so chooses. PLDT supremo, Manuel Pangilinan has managed to block the sale, and as such has taken on both the Salim family and the Gokongwei's - two of Asia's richest families - and apparently won.
The question now is what next
According to UBS Warburg research, First Pac is currently trading at a 50% discount to its net...
