San Miguel Corp. has announced it will sell its holdings in Philippine Airlines to billionaire Lucio Tan, two years after San Miguel took management control and led the airline’s return to Europe. San Miguel and Tan’s group signed an agreement yesterday, valued at $1bn, which requires Tan to meet certain conditions within a week. San Miguel bought an indirect 49% stake in Philippine Airlines and an affiliate for $500 million in 2012. As this publication reported on 28th August, any price paid below about $1.5bn represents an extremely good deal for Tan. The purchase will give Lucio Tan full control

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