Deal on the cards in the Philippines - Company News - RFM Corp. looks to acquire Swift Foods from San Miguel - Brief Article

Eurofood, March 14, 2002

The second largest food firm in the Philippines, RFM Corp has said it is negotiations with the number one firm San Miguel regarding the sale of its Swift Foods meat business.

Jose Concepcion, president and chief executive officer at RFM said, "RFM has been in discussion with an Miguel on a possible merger or acquisition opportunity in Swift Foods." Speculation has been rife in the region, with some newspapers reporting that Concepcion was selling his family's majority stake in RFM, a report strongly denied by Conception.

Equally, reports of a done deal were dismissed, particularly following a comment from San Miguel vice chairman Ramon Ang who said, "We're still looking at it. There's no price yet."