San Miguel in JV talks

San Miguel in JV talks

MANILA (Reuters): Philippine food and beverage conglomerate RFM Corp said on Friday it was in talks with brewer San Miguel Corp about a possible joint venture in the food business.

RFM president and chief executive officer Jose Concepcion III said a statement the joint venture would likely be in the poultry and meat segment of the companies' food businesses.

Concepcion said the tie-up would be a good vehicle for acquiring other food companies that may be available. He added it would result in greater efficiencies for San Miguel and RFM.

Concepcion denied reports RFM would sell its food unit Swift Foods to San Miguel. Swift has poultry, meat processing and feed milling operations.

Manila newspapers had also reported that San Miguel, either on its own or with RFM, would make a bid for Ayala Corp's food unit, Pure Foods Corp.

Pure Foods is one of the country's largest food firms, with businesses ranging from processed meats, poultry, livestock, flour milling and restaurant franchising to instant noodles and tuna canning.