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.