Sugar firm Roxas Holdings Inc. has received offers from different parties to acquire Central Azucarera Don Pedro Inc., a sugar milling firm in Batangas.
Roxas Holdings said it received indications of interest from potential buyers for its sugar milling and refining operations in Nasugbu, Batangas after the Philippine Competition Commission rejected URC’s proposed acquisition of CADP.
The buyers, however, have not presented any formal offer for acquisition of the Nasugbu assets, RHI said in a disclosure to the stock exchange.
Among those that expressed interest in CADP include taipan Lucio Tan’s hard liquor unit Tanduay Distillers Inc., The Philippine Star reported.
‘We are looking at it (CADP) because it will complement our business. If the price is okay, we are interested,” TDI president and CEO Lucio ‘Bong’ Tan Jr. was quoted as saying.
“Tanduay Distillers Inc. has always been on the lookout for opportunities to support, enhance and expand its operations. CADP ,which is located near a subsidiary of TDI in Balayan, Batangas is a logical target of interest by the latter as it will be complementary to its operations. However, there is nothing definite at this stage as Mr. Tan himself intimated since discussions are in the early stages.” TDI said in a disclosure to the stock exchange.