Flag carrier Philippine Airlines will return to its previous owner, tobacco billionaire Lucio Tan, after San Miguel Corporation reportedly agreed to sell its 49% share in PAL Holdings for $1 billion. San Miguel reportedly gave Tan a week from the signing of an agreement of intent to raise the money. The taipan owns 51% of PAL and sold 49% of PAL Holdings in April 2012 for $500 million. The expected change in ownership comes as PAL reported last August it was back in the black.
Read the full story on Rappler.
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