San Miguel Corp., the Philippines’ largest company, expects to raise as much as $3.6 billion selling shares of its merged food and drinks unit in the fourth quarter in what could be the country’s biggest share sale on record.
San Miguel Food and Beverage Inc., which combined three businesses of the group, is now worth $12 billion, President Ramon Ang told reporters at a meeting in Manila on Tuesday. Selling a 30 percent stake may raise as much as $3.6 billion, while a 20 percent slice would generate about $2.4 billion, he said.
