Lucio Tan consolidates business empire

Rappler.com


After the country’s second richest man, tycoon Lucio Tan, entered into a joint venture with multinational cigarette firm Philip Morris and sold minority stake in Philippine Airlines, his holding announced on July 31 that all his crown jewels and secondary assets will be consolidated into one listed holding firm, Tanduay Holdings renamed as LT Holdings. That means his empire, which includes beverage, airlines, banking, tobacco, real estate, and more, has become the newest diversified conglomerate to watch. Aside having just one entity to launch financing deals and manufacturing synergies, its structure can also give a hint on the tycoon’s succession plans.


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