International Herald Tribune

Pension fund rejects Banco de Oro deal But another Philippine fund may support the bid for Equitable PCI BUSINESS ASIA by Bloomberg

International Herald Tribune | January 10, 2006 | Copyright
Francisco Alcuaz Jr.
International Herald Tribune
01-10-2006
Government Service Insurance System, a pension fund run by the Philippine government, said Monday that it would reject Banco de Oro's proposal to buy Equitable PCI Bank with about 41.3 billion pesos of Banco de Oro stock.Banco de Oro and its owner, Henry Sy, bought 25 percent of the Philippine lender in August. On Friday, Banco de Oro said that it and Sy owned 34 percent and offered 1.6 Banco de Oro shares for each Equitable share. That is equivalent to 56.80 pesos per share, compared with Equitable's closing price of 63…


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