"San Miguel is really in talks with PAL management for a possible investment in the company," a highly-placed source told ABS-CBN News.
Other sources told abs-cbnNEWS.com that SMC officials inked a memorandum of understanding with PAL last Friday to do "due diligence" work on the flag carrier. The due diligence has been slated until January 31.
Rumors about the sale of PAL have been persistent this year.
However, PAL President and Chief Operating Officer Jaime Bautista earlier downplayed reports that the flag carrier is up for sale.
There have also been reports that businessman Manuel V. Pangilinan is also very interested in PAL.
Last September, SMC president Ramon S. Ang, a close friend of Tan, denied rumors that the company would acquire PAL.
"I am interested in aviation and the Tan family is a very good friend of mine. We often talk about PAL, so whatever way I can do to help him, I’m going to do it... There are no talks of acquisition. Right now, I am talking to Tan about PAL—brainstorming for ideas on how to help him, that’s it. By the way, Lucio Tan is a tycoon, he’s super-rich and he does not really need anybody’s money," Ang said.
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