Philippines food and beverage conglomerate San Miguel Corp., filed a lawsuit against Campofrio Alimentacion SA of Spain for what it says is the latter“s failure to honor an agreement to buy out the P…
Philippines food and beverage conglomerate San Miguel Corp., filed a lawsuit against Campofrio Alimentacion SA of Spain for what it says is the latter“s failure to honor an agreement to buy out the Philippine company“s stake in their processed-meat joint venture. In the case, lodged with a Manila court, San Miguel says it wants the US$ 6 million Campofrio agreed to pay for its 50% stake in San Miguel Campocarne Corp., and about US$ 14 million more in damages and other claims. In September, Campofrio offered to sell its 50% stake in Campocarne to San Miguel – an offer San Miguel rejected. Instead, San Miguel exercised its option to sell its stake in the joint venture to Campofrio for US$ 6 million. The latter, after initially agreeing to buy the stake, later decided not to do so.