Crossed wires continue in PLDT debacle

First Pacific''s attempt to sell its stake in PLDT is nearly as complicated as the telco''s ownership structure.

The war of words for control of PLDT has been hotting up over the past week.

With 54% of the company held by the public, both sides in the dispute are anxious to 'spin' the situation to their advantage and sway the votes.

Historically, Asian MA has been characterized by friendly chats behind closed doors by tycoons, ending with a fait accompli that other shareholders have little choice but to accept. When Anthony Salim agreed to sell First Pacific's stake in PLDT to John Gogongwei's JG Summit it looked to be a transaction of just that ilk. However, everyone was surprised when Salim's right hand man of 21 years, Manny Pangilinan executed the greatest...

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