Pineapple giants Del Monte Pacific is being targeted by San Miguel, one of the Philippines’ biggest food and beverage producers.
The company said it was considering taking a 40 per cent stake in Del Monte Pacific, currently held by insolvent Italian food group Cirio.
Beer giants San Miguel told Philippines regulators: “We confirm that San Miguel Corporation is conducting due diligence on Del Monte Pacific. The due diligence is continuing and no decision has been made on whether or not to submit a definitive bid.”
Other companies thought to be in the running for the Cirio held stake include HJ Heinz, Fresh Del Monte Produce and the Sumitomo Corporation of Japan.
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