Del Monte denies deal talks with Suntory

MANILA, Philippines – Food giant Del Monte Pacific Ltd denied a report it is the target of an acquisition move by Japanese firm Suntory Beverage & Food Ltd.

In a disclosure on Friday, July 19, Del Monte said a report by Bloomberg and other media linking it to the aggressive expansion plan of the Japanese drinks giant is not true.

“Neither Del Monte Pacific Ltd nor its controlling shareholder NutriAsia Pacific Ltd, nor its representatives, are in discussions with Suntory, its shareholders or representatives, with respect to any transaction purported by Bloomberg or other media,” Del Monte told the exchange.

Del Monte’s request with the PSE at 11:44 am Friday to halt trading of its shares further fueled rumors about the supposed deal, prompting Del Monte to issue a clarification.

Del Monte is listed both on the Philippines and Singapore exchanges.

Suntory, which recently raised almost $4 billion in Japan’s largest IPO in almost a year, is on an expansion binge. It is the maker of Boss coffee and Orangina soda and lso owns the rights to Schweppes in Europe

It targets to double sales to 2 trillion yen ($20 billion) through acquisitions. – Rappler.com