SUMMARY
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Tycoon Lucio Tan is “seriously” looking into selling his group’s remaining 51% majority but not controlling stake in Philippine Airlines (PAL). This was according to the disclosure of San Miguel Corp, the diversified conglomerate that acquired 49% minority but controlling stake in the legacy carrier. San Miguel, which has its hands full with its own diversification plans on top of its aviation assets, earlier said it is not buying Tan’s stakes. Tan acquired PAL in the 1990’s, when the government privatized it. The Tan group has been looking for PAL buyers several times in its financially troubled past.
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