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Australasia

Australasia

San Miguel to spend $10billion snapping up assets in Southeast Asia

San Miguel Corp., the biggest Philippine company, is prepared to spend as much as $10billion to buy assets in Southeast Asia, President Ramon Ang said. An energy-related target has the potential to boost sales by more than 50%, Ang said on July 2, without giving a price and timeline. The company has announced 41 acquisitions worth $7.8billion since 2000, about three-quarters of which were made since 2008, when it began moving out of the food and brewery business, according to data compiled by Bloomberg. San Miguel said in December 2012 it was looking at a $5billion acquisition in the gas industry.