Pacific won't buy Indofood

Pacific won't buy Indofood

HONG KONG (Dow Jones): First Pacific Co. confirmed yesterday that it won't be acquiring fellow Salim Group member, PT Indofood Sukses Makmur.

First Pacific Managing Director Manuel Pangilinan, speaking after the Hong Kong conglomerate's annual general meeting, said he's no longer interested in Indonesia's largest instant noodle maker. First Pacific had said several months ago that it was considering it as a potential acquisition.

"Given the current political and economic situation in Indonesia, such an investment is quite unlikely," Pangilinan said.