Lucio Tan Sells PAL to San Miguel

Diversified conglomerate San Miguel Corp. has sealed a deal to acquire the entire holdings of tycoon Lucio Tan in flag carrier Philippine Airlines (PAL), reports According to a source from the Lucio Tan camp, the transaction involves the acquisition by San Miguel of 51 percent of the airline currently owned by the tobacco and beer magnate. The deal is valued at $500 million and, once executed, would give San Miguel president Ramon Ang complete control over the board of the country’s largest airline.