The mad, mad world of MVP

Alice in Wonderland noted that things were getting "curiouser and curiouser" the further she delved into the mad world through the looking glass. If she had happened to come to Asia in recent weeks, she would have found events equally bizarre.

The mad world of First Pacific, JG Summit, Metro Pacific, Fort Bonifacio Land, PLDT, NTT, Anthony Salim, John Gokongwei and above all Manuel 'Manny' Pangilinan MVP, shows no sign of becoming any less strange.

The deal struck by Anthony Salim and John Gokongwei in a series of eight meetings after an April meeting in Beijing, is for Gokongwei's JG Summit Holdings and Salim's First Pacific to enter into a joint venture, two thirds in favour of JG Summit. This JV would then buy First Pacific's 24.4% stake in PLDT and 50.4% stake in Bonifacio Land, a deal valued at $925 million, or $616 million for Salim and First Pacific.

So far so...

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