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By Euan Paulo C. Añonuevo, Reporter
MAJORITY control over the Philippines’ largest
oil refiner has shifted to foreign hands, after a London-based group
that earlier bought Saudi Aramco’s stake in Petron Corp. secured
more than 50 percent of the company’s shares.
In a regulatory filing, the Ashmore Group,
through its unit SEA Refinery Holdings B.V., said it acquired more
than half of Petron after completing its tender offer for the shares
held by other stockholders. The foreign group acquired controlling
interest at P6.531 a share.
Aramco earlier agreed to sell its entire
40-percent stake in Petron to SEA Refinery for $550 million. Under
Philippine law, acquisition of more than 30 percent of a local
company requires the buyer to purchase the remaining shares on the
same terms.
Philippine National Oil Co. (PNOC), which holds
another 40 percent of Petron, declined Ashmore’s tender offer as
the government deemed the offer price “would not give premium to
its shares,” especially since the state-owned company will be
handing over majority control of the country’s largest oil
refiner.
Ashmore earlier said that it was gunning for 60
percent of Petron’s total outstanding common shares.
Despite gaining majority control over Petron,
Energy Secretary Angelo Reyes said there will be no change in
management in the oil company in line with a deal the government and
Ashmore entered into.
“Based on the agreement, regardless of the
increase in shareholdings of Ashmore, whether 50 or 60 percent, they
will each still be representing five seats in the board,” he said.
He added that PNOC will maintain chairmanship of
Petron but Ashmore will nominate the president. The position of
chief executive officer will be rotated between the government and
its new strategic partner in Petron.
The shift in ownership of Petron comes at a time
when crude prices have been hitting fresh records in the
international market, prompting some legislators to move for the
government’s buyback of the homegrown refiner’s outstanding
shares.
The government privatized part of Petron more
than a decade ago in line with its policy of shedding state control
over businesses.
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