SMC takes over Petron

The Philippines’ largest beverage, food and packaging company San Miguel Corp. said it exercised its option to acquire 60% of Sea Refinery Corp. (SRC), a shareholder of Petron Corp., the country’s largest refiner, to effectively bring its total holdings in Petron to 68%. San Miguel said the 60% stake it purchased from Sea Refinery Holdings B.V. (Sea BV) was equivalent to 24 million shares “as provided in the option agreement dated December 24, 2008, as amended.” San Miguel acquired 40% of SRC on June 15; the latest move makes San Miguel 100% owner of SRC, which owns approximately 50.1% of the outstanding common shares of Petron. (December 17, 2010)