Ramon Ang reportedly nears 71% control of Lopez Inc. in deal

Ramon Ang is reportedly closing in on a takeover of Lopez Inc., potentially giving the San Miguel Corp. chairman about 71% control of the Lopez family’s main holding company in a transaction that could trigger a major reshaping of the group’s multibillion-peso interests in energy, property, and media.

San Miguel Corp. chairman and businessman Ramon Ang is reportedly moving closer to gaining majority control of Lopez Inc., the Lopez family’s principal holding company, in a potential transaction that could significantly reshape the ownership of one of the Philippines’ most prominent business groups.

According to a report by Mergermarket, Ang is in discussions to acquire a combined 45.3% stake held by the heirs of Manolo Lopez and Presy Lopez Psinakis. If the proposed transaction is completed, Ang’s ownership of Lopez Inc. would rise to approximately 71%, giving him effective control of the company.

The reported deal would come on top of the 25.7% stake that Ang recently acquired from Crème Investment, an investment vehicle associated with the Lopez family branch led by Eugenio “Gabby” Lopez III.

Mergermarket, citing two people familiar with the matter, reported that negotiations involving the Lopez heirs are nearing an agreement. The transaction, however, had not been publicly confirmed by the parties involved at the time of the report, meaning the final terms, valuation, and completion of the purchase could still change.

The potential acquisition follows an earlier report by Bilyonaryo on July 19, which said that three Lopez family branches, collectively holding 70.83% of Lopez Inc., were in advanced discussions to sell their shares to an unnamed ultra-billionaire for approximately P45 billion.

The shareholder groups identified in that report were Mantes Holdings Corp., Crème Investment, and Presta Holdings Co. Inc. Together, they represented a majority stake that could determine the future direction of Lopez Inc.

The remaining 29.17% was held by Croslo Holdings Corp., which represents the interests of Piki Lopez and the branch of the family associated with the late Oscar Lopez.

If Ang successfully completes the reported acquisition, his position would represent a dramatic shift in the ownership structure of the Lopez business empire. It would also place one of the country’s most influential business figures at the center of a corporate group with interests extending across power generation, infrastructure, real estate, and media.

Mergermarket further reported that Ang would use his personal funds to finance the proposed purchase rather than relying on resources from San Miguel Corp. This distinction could be significant because the transaction would involve Ang acquiring control in his personal capacity rather than making Lopez Inc. an asset directly owned or acquired by San Miguel.

The possible change in ownership could also lead to discussions about the future structure of several major assets connected to the Lopez group.

One source cited by Mergermarket said Ang, Piki Lopez, and other remaining shareholders could consider restructuring certain assets, including First Gen Corp. and Energy Development Corp., two companies that are central to the Lopez group’s long-standing presence in the Philippine energy industry.

The ownership structure of Lopez Inc. gives the company considerable influence over several major corporations. Lopez Inc. owns 54.74% of Lopez Holdings Corp., which serves as an important holding company within the group.

Lopez Holdings, in turn, owns 60.67% of First Philippine Holdings Corp., or FPHC, which is the parent company of First Gen Corp. and Rockwell Land Corp. Lopez Inc. also maintains a direct 15.76% interest in FPHC.

First Gen is one of the country’s major power generation companies, with a substantial portfolio of natural gas, renewable energy, and other power-related investments. Energy Development Corp., meanwhile, has long been associated with geothermal power and renewable energy development.

Any restructuring involving these companies could therefore have implications beyond the Lopez family’s ownership arrangements, particularly because the group’s businesses occupy strategic positions in the Philippine energy and infrastructure sectors.

The potential transaction also carries significance for the media industry.

Lopez Inc. directly owns 55.82% of ABS-CBN Corp. and also has a 14.25% stake in ABS-CBN Holdings Corp. The latter’s depositary receipts represent an additional economic interest of about 10.2% in the broadcaster.

ABS-CBN has historically been one of the Philippines’ largest and most recognizable media companies. Its ownership structure and relationship with the Lopez family have remained closely watched following the company’s loss of its congressional franchise in 2020 and the subsequent changes to its broadcasting and business operations.

A change in control at Lopez Inc. could consequently attract considerable attention because of the company’s direct and indirect interests in businesses spanning energy, property development, and media.

For Ang, the reported acquisition would represent another major expansion of his personal business interests. As chairman of San Miguel Corp., he is already one of the most powerful figures in Philippine corporate life, with San Miguel involved in businesses ranging from food and beverages to infrastructure, fuel, power, and other strategic industries.

However, the reported Lopez Inc. transaction would be different from a conventional San Miguel acquisition if Ang indeed uses personal funds, as reported. The ownership would be associated with Ang himself rather than automatically becoming part of San Miguel’s corporate portfolio.

The reported purchase price is also expected to be closely watched. Bilyonaryo previously reported a potential valuation of around P45 billion for the combined 70.83% Lopez Inc. stake held by three family branches. It remains unclear whether the terms of the transaction currently being discussed are identical to those reported earlier or whether the valuation and ownership arrangements have since changed.

The reported movement toward a roughly 71% ownership position marks a potentially important moment for the Lopez family, whose business interests have played a significant role in Philippine corporate history for decades.

For generations, the Lopez family has maintained interests in some of the country’s best-known companies and institutions. The possible transfer of majority control would therefore represent more than a simple change in shareholders. It could signal a new phase for the group and potentially alter the way its various businesses and investments are managed.

Still, the reported transaction remains subject to negotiations and other conditions that could affect whether it is ultimately completed. Until the parties involved formally announce the agreement, the exact ownership structure, purchase price, and future plans for Lopez Inc. should be treated as unconfirmed.

If the deal does proceed and Ang ultimately reaches approximately 71% ownership, however, the transaction would give him a commanding position in Lopez Inc. and potentially make him the dominant shareholder in a corporate structure connected to some of the Philippines’ most significant energy, property, and media assets.

The development is likely to remain closely monitored by investors and the Philippine business community as negotiations progress and the Lopez family’s long-standing corporate holdings potentially enter a new era of ownership.

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