Carrier of the clans

Article Abstract:

The privatization of Philippine Airlines Inc was effected through a high tendered bid of 9.78 billion pesos from AB Capital & Investment Corp (AB). AB was bidding for two of the Philippines' most powerful business families, the Sorianos and the Cojuangcos. The winning group bested by seven percent the closest bidder, Philippine Commercial and International Bank, acting in behalf of John Gokongwei and Eugenio Lopez. The AB group's bid was widely seen as an act by the two families to diversify into other industries in view of their slipping hold on monopolies in beer and in telecommunication facilities.

Banking industry, Mergers, acquisitions and divestments, Securities industry, AB Capital and Investment Corp., Philippine Commercial International Bank

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Out of the shadows: key Philippine Airlines shareholder is controversial

Article Abstract:

Lucio Tan has emerged as one of the richest men in the Philippines because of his ability to survive corporate disputes where winners are largely determined by which of the political powers are backing the parties involved. When the 1986 popular uprising ousted his benefactor and Philippine Pres Ferdinand E. Marcos, Tan still managed to preserve his cigarette, beer and banking empire from allegations of ill-gotten wealth made by the government of Pres Corazon C. Aquino. Tan's emergence as the controlling interest in Philippine Airlines emphasizes his penchant for getting around obstacles.

Air transportation, scheduled

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Mystery in the cockpit: will Philippine Airlines' new pilot bail out or land safely?

Article Abstract:

Tobacco magnate Lucio Tan has struggled to turn Philippine Airlines into an efficient and profitable company since he took effective control in Feb 1993. However, Tan has recently intimated that he would sell his controlling stake if an acceptable price were offered. Tan took over Philippine Airlines through a consortium called PR Holdings, which was set up when the company was privatized. However, a suit by the wealthy Ayala family challenges Tan's legal right to the airline. Tan could lose not only his own considerable fortune but also that of his unnamed overseas-Chinese backers.

Philippines

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