Business Headlines

Wendy’s connection: Lucio Co is odds on favorite to take over Phoenix Petroleum from Dennis Uy

Since bilyonaryo Dennis Uy revealed he was open to relinquishing his stake in Phoenix Petroleum due to his cash problems, there has been a lot of speculation on who among the bilyonaryos would take control of the foundation of his hydra-like empire.

Some say the Sy-blings are in play because of the huge loans of BDO to Phoenix while others think San Miguel boss Ramon S. Ang could gobble up Phoenix to boost Petron’s leading position in the market.

But a Babbler said at this point, retail tycoon Lucio Co appeared to be the odds on favorite to buy the country’s largest independent oil company from the Davao City-based businessman.

The Babbler said Co, who was ranked by Forbes as the 10th richest Filipino in 2020 with a net worth of $1.7 billion, not only had the means, but has the most to gain from getting Phoenix and its 655 retail stations in the country.

Co, through Cosco’s Pure Petroleum, has been operating a fuel terminal facility in Subic Bay Freeport Zone for nearly a decade, specifically nine fuel storage tanks with a total capacity of 88.5 Million liters.

For a big mover like Co, what’s the point of an oil depot without a retail network?

The Babbler said another thing working in favor of Co was his business connection to Uy.

Co used to be the owner of Wendy’s Philippines until he sold the master franchise and its 51 branches at an undisclosed price to Uy in November 2019.

The Babbler said Co and Uy have talked business before and personal relations are key to getting any major business deal done in the country.

0 0 votes
Article Rating
Notify of

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inline Feedbacks
View all comments
Would love your thoughts, please comment.x