Telcos deny merger rumours

13 May 2011

Filipino daily newspaper the Business Mirror reports that San Miguel Corp (SMC), which owns a 41% stake in Liberty Telecom through its Vega unit, and Globe Telecom have each denied in separate statements, speculation that they are in merger talks. Rumours have been circulating in the country that the two groups are considering a tie-up in the wake of Philippine Long Distance Telephone Company (PLDT’s) deal to take control of Digital Telecommunications Philippines Inc (Digitel). Despite some claims that the merger would sound the death knell for Globe, the Philippines’ second largest telecoms operator, its CFO Albert de Larrazabal denies ‘having any merger discussions with SMC or Liberty Telecom’, and says his firm ‘remains focused on its strategies to aggressively compete and gain market share’.

Philippines, Globe Telecom (incl. Innove)