Philippines' PNB Gets a New Bidder

Loida Lewis could pull it off, but tycoon Lucio Tan should think about reducing his asking price by at least 25%, analysts say.

The Philippines Government moved closer towards getting out of ailing Philippine National Bank, with the last-minute entry of a second bidder for the bank. Loida Nicolas Lewis, chief executive of US-based food maker TLC Beatrice International Holdings, entered the bidding ring with an unnamed US bank two days ago. But for the auction to be a success, Philippines must convince Lucio Tan to lower his asking price, analysts say.

The history of PNBÆs share sale is a complex one The Phillipine government and tycoon Lucio Tan  agreed to sell a combined 80% stake as part of a deal with the International Monetary Fund. The IMF wanted PNB privatized before it...

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