Wheels within wheels: Philippine Airlines' problems rock the establishment

Article Abstract:

The privatization of Philippine Airlines Inc became a major corporate struggle among big business interests in the Philippines. It turned out Lucio Tan, an erstwhile ally of former Philippine Pres Ferdinand E. Marcos, controlled 40.5% of the group which acquired the airline. Tan gained a majority share in PR Holdings when Antonio Cojuangco sold out to him without divulging the fact to the government. The struggle over Philippine Airlines hascaused ripples among the big business families in the countries who were caughtunaware by the secret deal which benefitted Tan.

Philippines

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Flap in the cockpit; new owner emerges for Philippine Airlines

Article Abstract:

Lucio Tan, a close associate of former Pres Ferdinand Marcos, recently surfaced to invoke his rights as part owner of the newly privatized Philippine Airlines Inc. Tan reportedly controls 40% of PR Holdings, the consortium that paid the Philippine government 9.6 billion pesos for 67% of the airline. Content with remaining in the background in the months following the airline's privatization, Tan decided to come out after he was not consulted about Philippine Airlines' purchase of new planes from Boeing and Airbus Industrie.

Tan, Lucio

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At the controls

Article Abstract:

Antonio Cojuangco and his family have won managerial control of Philippine Airlines Inc at a cost of over 5.5 billion pesos. The amount constitutes the family-controlled Aeropartners' 54% stake in PR Holdings' purchase of 67% of the airline's shares. Aeropartners' large equity share in PR Holdings has resulted in Cojuangco's appointment as chairman and president of the airline. However, the Cojuangco family incurred a huge debt burden in financing the purchase.

Holding companies, not elsewhere classified, Mergers, acquisitions and divestments, Holding companies, P.R. Holdings Inc.

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