The Philippines Government moved closer towards getting out of ailing Philippine National Bank, with the last-minute entry of a second bidder for the bank. Loida Nicolas Lewis, chief executive of US-based food maker TLC Beatrice International Holdings, entered the bidding ring with an unnamed US bank two days ago. But for the auction to be a success, Philippines must convince Lucio Tan to lower his asking price, analysts say.
The history of PNBÆs share sale is a complex one The Phillipine government and tycoon Lucio Tan agreed to sell a combined 80% stake as part of a deal with the International Monetary Fund. The IMF wanted PNB privatized before it...
