MPIC awaits PCC clearance to buy out Franklin Baker

Tycoon Manuel V. Pangilinan's Metro Pacific Group is awaiting clearance from the Philippine Competition Commission (PCC) to push through with the P1-billion buyout of Franklin Baker Co. this year.

- By JASPER EMMANUEL ARCALAS

"As I understand it, we lodged a letter with the PCC. We are waiting for that approval to happen and we can proceed to close (the deal)," Pangilinan said.

The STAR first reported the plan of Metro Pacific Investments Corp., through its agribusiness arm Metro Pacific Agro Ventures Inc., to acquire 100 percent of Franklin Baker, one of the world's oldest manufacturers of coconut products.

If the deal pushes through, the Metro Pacific Group will become one of the country's biggest players in coconut processing.

MPIC also has a 34.76 percent stake in Axelum Resources Corp., another player in the coconut industry that manufactures and exports coconut products.