Miguel, Ayala end talks

Miguel, Ayala end talks

MANILA (AFP): Philippine blue-chip firms San Miguel Corp. and Ayala Corp. said yesterday that they had called off talks on merging their food businesses.

The two companies, which first announced the discussions in October, said in separate statements they had "failed to reconcile differences in the valuation" of their food businesses.

Ayala is the holding firm of a diversified business which is deeply rooted in property, while San Miguel is the country' top beverage firm.

The two listed firms are rivals in processed meats and ice cream and are also both into property.