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MANILA, Philippines – After the expected deal between two of the country’s prominent families — Sy and Ortigas — Teresita “Tessie” Sy of the SM group said they are in limbo about how to proceed.
“I don’t know at this point, really. I really don’t know at this point because magulo (it’s chaotic). I’m confused by all of this,” Sy said when asked if the group remains interested in pursuing the deal after another party, the Zobel’s Ayala Land Inc. came into the picture.
Recently, Ayala Land announced a strategic partnership with Ortigas & Co Limited Partnership Holdings Inc. (OHI), effectively blocking the Sys from acquiring a 34% stake in the firm of a massive Manila landlord.
“There are so many versions in the paper so I just let it go. I don’t have direct interactions with the parties,” Sy told reporters at the sideline of the listing of their banking arm, Banco de Oro, on Wednesday, July 4.
“I talk to them in socials, all of them in socials but I’m not involved… The papers said I’m involved but I’m not involved,” Sy added, referring to the Ortigases.
“Well we have always been talking since before but you know we can’t win them all so i guess at this point we don’t know,” Sy said.
Whether the Sys should be counted out of the deal has kept local deal watchers abuzz. The Sys are the richest family in the Philippines, according to Forbes magazine.
The Ortigas family is reportedly in a feud with OHI shareholders divided into 2 factions. One led by Rafael Ortigas and allied with SM Investments, and the other led by Ignacio Ortigas and allied with Ayala Land. – Rappler.com
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