Posted at 06/25/2011 1:11 AM | Updated as of 06/25/2011 1:11 AM
MANILA, Philippines - Manuel Pangilinan's Philex Mining Corp. climbed the most in 9 months after the Philippine Star reported speculation that it would buy into Atlas Consolidated Mining and Development Corp.
Philex, the nation's biggest miner by sales, rose more than 9 percent, the most since October, closing at P23.30.
Atlas, which lost P429 million last year, climbed 20 percent in the first 4 days of the week, before getting a voluntary suspension yesterday and Monday.
It then disclosed it would sell a third of itself for $390 million dollars to what it called "targeted investors."
The funds would be used to buy out its partners in Carmen Copper Corp. for $368 million.
Several fund managers and brokers pointed to Pangilinan and two overseas groups. The Pangilinan group didn't reply when asked if that was them.
Atlas Vice President Adrian Ramos said the investors had not been finalized. Atlas has scheduled a briefing for Monday afternoon.
Big names
Just last month, Philex agreed to take up to 60 percent of Manila Mining's Kalayaan project in Surigao del Sur.
It also bought 5 percent of Manila Mining parent Lepanto Consolidated. These were just the latest acquisitions for Pangilinan.
Earlier this year, Philippine Long Distance Telephone Co., where he’s chairman, agreed to buy Digital Telecommunications Philippines Inc. from tycoon John Gokongwei.
Carmen returned to profit last year, earning P429 million compared with a P1.66 billion loss, as rising copper prices and a 60 percent increase in production almost doubled revenue. As well, the unit cut interest expense by refinancing a $100 million loan.
The refinancing came from tycoon Henry Sy's Banco de Oro, which is also arranging the Atlas transactions announced yesterday.
Atlas itself last year converted $36.5 million of loans to equity. Banco de Oro made up $25 million of that.
Philex, the nation's biggest miner by sales, rose more than 9 percent, the most since October, closing at P23.30.
Atlas, which lost P429 million last year, climbed 20 percent in the first 4 days of the week, before getting a voluntary suspension yesterday and Monday.
It then disclosed it would sell a third of itself for $390 million dollars to what it called "targeted investors."
The funds would be used to buy out its partners in Carmen Copper Corp. for $368 million.
Several fund managers and brokers pointed to Pangilinan and two overseas groups. The Pangilinan group didn't reply when asked if that was them.
Atlas Vice President Adrian Ramos said the investors had not been finalized. Atlas has scheduled a briefing for Monday afternoon.
Big names
Just last month, Philex agreed to take up to 60 percent of Manila Mining's Kalayaan project in Surigao del Sur.
It also bought 5 percent of Manila Mining parent Lepanto Consolidated. These were just the latest acquisitions for Pangilinan.
Earlier this year, Philippine Long Distance Telephone Co., where he’s chairman, agreed to buy Digital Telecommunications Philippines Inc. from tycoon John Gokongwei.
Carmen returned to profit last year, earning P429 million compared with a P1.66 billion loss, as rising copper prices and a 60 percent increase in production almost doubled revenue. As well, the unit cut interest expense by refinancing a $100 million loan.
The refinancing came from tycoon Henry Sy's Banco de Oro, which is also arranging the Atlas transactions announced yesterday.
Atlas itself last year converted $36.5 million of loans to equity. Banco de Oro made up $25 million of that.
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