Manny Pangilinan willing to divest stake in Inquirer

Tycoon Manuel V. Pangilinan on Tuesday said he is willing to divest his minority stakes in the Inquirer Group of Companies should the price be "acceptable."

"If there's an offer to buy our stake at an acceptable price, we are willing to divest," Pangilinan said in a statement, he did not elaborate.

The business mogul, who owns broadcast network TV and has stakes in major broadsheets Philippine Star and Business World, has a 15-percent stake in Inquirer.

Pangilinan made the statement after the Prieto family—who owns majority stake in Inquirer—confirmed that it was in talks with Ramon Ang to divest its controlling stake.

In a separate report, Reuters noted that Ang, the Philippines' 16th richest man according to Forbes Magazine, said he will start due diligence to buy the Prieto family's stake in the group, which also owns tabloid newspapers and a radio station.

"I am looking forward to being part of this venerable institution," Ang said in a statement.

"The publication will continue to uphold the highest journalistic standards and make a difference in the society it serves," he said according to  Reuters.

Talks between the two parties began in 2014, and were restarted early this year after the Prieto family completed its annual review of business plans, the Inquirer group said.

"The Prieto family's decision to divest after 25 years is a strategic business decision that it believes will maximize growth opportunities for the Inquirer Group," the Inquirer group said in an earlier statement.

"The family is confident that Mr. Ang will uphold the Inquirer Group's commitment to pursuing the highest standards of journalism," it added.

The Inquirer clarified that all employment contracts will remain in effect. — BM, GMA News