Lucio Tan pledges to invest in order to divest PAL stake

Filipino tycoon Lucio Tan is promising a $200 million investment in PAL in return for government protection from foreign competition. Six weeks ago he was looking to sell out for $200 million.

Filipino businessman Lucio Tan is offering to invest $200 million in Philippine Airlines PAL on condition the government restricts foreign carriers' access to the Philippines. This is a pretty new tune Tan is playing. Only six weeks ago, finance minister Jose Pardo said Tan had dropped the asking price for his entire PAL interest to $200 million from $800 million, plus the airline's $2.3 billion debt.

So is he planning to invest or divest It seems...

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