Fort Bonifacio 2002 news
Tuesday, September 10, 2002
AC ( 09/10/2002 : AFX )
Ayala Corp said it is not in talks with Metro Pacific Corp or United
Laboratories, owned by businessman Jose Campos, nor is it
conducting due diligence on Metro Pacific’s Bonifacio Land Co.
“Please be informed that Ayala Corp has not entered into discussions
with Metro Pacific Corp or Unilab, much less conducted due diligence
on Bonifacio Land Co,” Ayala Corp told the stock exchange. Ayala
Corp issued the statement to clarify a newspaper report it was
“quietly” conducting due diligence on Bonifacio Land and would bid for
a controlling stake in the property developer in case a deal between
First Pacific Co Ltd and the Gokongwei group falls through. Another
newspaper today reported, citing unnamed sources, that Ayala Corp
has teamed up with Campos’ Greenfields Develpment Corp for a bid
for Bonifacio Land. First Pacific, whose unit Metro Pacific controls
Bonifacio Land, has an agreement with the Gokongwei group to form
a joint venture that will take over First Pacific’s controlling stakes in
Bonifacio Land and Philippine Long Distance Telephone Co.
AC ( 09/10/2002 : PSE )
This is in reference to the news article entitled “Ayala Corp.
conducting due diligence on Bonifacio Land Corp.?” published in the
September 9, 2002 issue of the Businessworld. The article Reported
that “listed conglomerate Ayala Corporation is reportedly quietly
conducting due diligence on Bonifacio Land Corp. (BLC) as a prelude
to its purchase of a controlling stake in case the joint-venture deal
between First Pacific Co. Ltd. And the Gokongweis fails. The Ayalas,
together with businessman Jose y. Campos of united laboratories, are
reportedly jointly determining the real worth of the company,
Businessworld sources said. Rumors are rife that the Ayalas and
Camposes are eyeing a 55% joint stake in BLC, MetroPacific
Corporation’s property Development arm. BLC is part of Fort Bonifacio
Development Corp. (FBDC), the consortium presently developing Fort
Bonifacio Global City into a business district. Sources said MPC
already reached an agreement with the buyers last Friday, which
was denied outright by parties concerned. ‘I don’t know about the
concluded purchase agreement but Ayala has been conducting due
diligence,’ said a source. But MPC spokesperson David S. Nugent said
there is ‘absolutely no deal’ between MPC and the Ayala group. ‘There
were no negotiations to that effect. No due diligence was or is being
conducted,’ he told Businessworld over the weekend. xxx”
AC, in its letter dated September 9, 2002, clarified that:
“xxx please be informed that Ayala Corporation has not entered into
discussions with Metro Pacific Corporation or UNILAB, much less
conducted due diligence on Bonifacio Land Corp. It is publicly known
however that Ayala Land, Inc. on several occasions has been asked
to consider participating in the Fort Bonifacio Project. xxx”
Monday, September 09, 2002
AC ( 09/09/2002 : AFX )
Ayala Corp has been “quietly” conducting due diligence on Bonifacio
Land Corp as it might consider acquiring Metro Pacific Corp’s
controlling stake in the company, the BusinessWorld newspaper
reported, citing sources. The report said Ayala Corp has teamed up
with businessman Jose Campos of United Laboratories for the
possible acquisition of the controlling stake in Bonifacio Land, the
developer of the Fort Bonifacio Global City. Ayala Corp is said to be
preparing its bid in case the deal between First Pacific Co Ltd, parent
firm of Metro Pacific, and the Gokongwei group to form a joint venture
to acquire control of Bonifacio Land and Philippine Long Distance
Telephone Co falls through. The report said Metro Pacific has already
reached an agreement with the potential buyers on Friday, though it
added that the parties concerned have denied it.
AC ( 09/09/2002 : AFX )
Ayala Corp has teamed up with Greenfields Development Corp,
controlled by businessman Jose Campos, in bidding for a controlling
50.4-pct stake in Bonifacio Land Co, the Philippine Star reported citing
unnamed sources. The report said the Ayala-Greenfields bid would
be offered to First Pacific Co Ltd’s unit Metro Pacific Corp, which
owes 109 M usd to another First Pacific subsidiary, Larouge BV. The
loan is secured by First Pacific’s 50.4-pct interest in Bonifacio Land,
developer of the Fort Bonifacio Global City. First Pacific has a standing
agreement with the Gokongwei group to form a joint venture that will
take over control of the former’s controlling interests in Bonifacio Land
and Philippine Long Distance Telephone Co. Metro Pacific and PLDT
managements are opposing the Gokongwei takeover.