By Chino S. Leyco, Reporter

IN a bid to foil the imminent takeover by the Pangilinan group of Manila Electric Co. (Meralco), San Miguel Corp. (SMC) has tapped the SM group and United Laboratories Inc. (Unilab) in a counter-offer for the Lopezes’ remaining stake in the Philippines’ largest electricity distributor. In a statement, Triratna Holdings Corp. said it has made an offer to acquire the 13.4 percent share-holdings of First Philippine Holdings Inc. in Meralco.

In 2007, Triratna bid for the 25-year concession of state-run National Transmission Corp. (TransCo).

Its partners in the consortium were Newbridge of the US and Tenaga National Bhd. of Malaysia.

Major Triratna shareholders at the time of the TransCo bidding were SMC President Ramon Ang, Henry Sy
Jr. of the SM group and Joselito Campos of Unilab.

Triratna will be majority owned by the Sy group after it completes the buy out of its original partners.

“The proposal will be brought to the board of First Holdings, on November 5, 2009, for deliberation in light of the discussions currently on-going with Metro Pacific Investments Corp. [MPIC],” First Holdings said in a disclosure to the Philippine Stock Exchange.

Manuel Pangilinan chairs MPIC and Philippine Long Distance Telephone Co. (PLDT), both of which have interests in Meralco.

Pangilinan had said that his group expects to conclude negotiations with the Lopezes for the latter’s remaining shares in Meralco soon.

He added that they may offer a higher price than what they paid for when they purchased the bulk of the Lopez group’s shares in Meralco.

The group’s patriarch, Oscar Lopez, earlier said that they may also sell half of their remaining 13.4-percent ownership in Meralco to the PLDT group.

Pilipino Telephone Corp. (Piltel), a unit of PLDT earlier bought the Lopez group’s 20-percent stake in Meralco at P90.0 per share for a total of P20.7 billion.