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(Bloomberg) — Philippine billionaire Ramon Ang agreed to buy 25.7% stake in Lopez Inc., a privately held conglomerate which has interests in energy, real estate and media.
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Ang’s Illumina Investment Holdings Inc. signed a deal to buy the shares of Eugenio Gabriel “Gabby” Lopez III’s family, according to a Monday statement from San Miguel Corp., the Southeast Asian nation’s largest company by sales. Ang, the controlling shareholder of San Miguel, made the investment in his personal capacity, the statement said, without providing terms of deal.
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The transaction follows a leadership dispute within the family-owned Lopez Inc., which has seen one party seek court intervention.
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“This dispute has not been good for any of us, or for the people who work in our companies,” Gabby Lopez said in a separate statement. “This allows us to take a step towards the restoration of family peace.”
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The Lopez family holding company has indirect stakes in publicly-listed media company ABS-CBN Corp. power producer First Gen Corp. and real estate developer Rockwell Land Corp. Shares of each of the three groups rose on Monday.
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“The Lopez family’s entry into this partnership with him is truly a welcome development and in line with our history of partnering with recognized individuals and institutions to promote the growth of our businesses,” said Lopez Inc. President Federico “Piki” Lopez.
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The transaction is “a great step toward resolving issues that have affected our family as well as our businesses and can only be good for everyone,” Piki added.
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