Diversified conglomerate San Miguel Corp. (SMC) is not going to buy out the stake of business magnate Lucio Tan in flag carrier Philippine Airlines Inc. (PAL). This is in contrast to the rumors reported in a newspaper (not The Manila Times) that SMC is already set to acquire Tan’s stake in PAL.

SMC confirmed on Monday that it is not going to acquire 51 percent majority interest of the LT Group, the holding company of Tan’s business empire, in PAL and PAL Holdings Inc. (PHI), respectively.

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