A Philippine group is in talks to acquire a 40 per cent stake in Del Monte Pacific. The Lorenzo family already has a minority stake in Del Monte Pacific Ltd and is now is in talks with a Singapore-based financial group to acquire the 40 per cent stake being sold by Cirio Finanziara S.P.A.

Del Monte Pacific managing director Martin Lorenzo told reporters he expects the Lorenzo group to forge a deal within the next couple of months with the Singapore-based business, which he declined to name. He said the Singapore group would help raise around $250 million for the bid for the Cirio stake.

The Lorenzo family owns 22 per cent of Del Monte Pacific through its company Macondray & Co.

"We already made an offer to acquire Cirio's 40 per cent stake," said Lorenzo. "The money we would be needing is quite large, so we need to bring in a strategic partner. We'll get just one partner," said Lorenzo.

Other groups interested in Cirio's stake are Philippine food and beverage group San Miguel Corp. and Basic Holdings Inc. owned by empresairo Lucio Tan.

Cirio, now under liquidation after defaulting on debts worth $1.6 billion in November 2002, is trying to sell assets to allow it to settle its debts.