Philippine tycoon Lucio Tan mulls sale of Philippine Airlines

About a year after San Miguel invested in the airline, Tan’s group is approached by investors to sell its 51% holding.

Tycoon Lucio Tan may sell his majority stake in Philippine Airlines, the country’s national carrier, after investors approached the company with an offer.

Tan owns a 51% stake in Philippine Airlines and its parent, PAL Holdings, which confirmed on Tuesday that investors had approached the tycoon's group with an interest in buying a 51% stake in both PAL Holdings and Philippine Airlines.

“Lucio Tan’s group is seriously looking into the proposal,” it said in a statement, in response to local media reports about the potential sale, without elaborating.

One report, cited in the statement, said that Ramon Ang’s San Miguel Corp SMC has entered...

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