Philex hits record high on looming battle for control - News

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Philex hits record high on looming battle for control

By: AFX | 10 Nov 2009 | 10:41 PM ET

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MANILA, Nov 11 (Reuters) - Shares of Philex Mining Corp jumped nearly 7 percent to a record high on Wednesday on expectations that prices will rise further ahead of a looming battle for control of the top Philippine miner. "It seems there's an accummulation of Philex shares, supposedly to be sold to parties that may be interested in securing a controlling stake," said Jomar Lacson, research head at Campos, Lanuza & Co Inc. Hong Kong's First Pacific Co Ltd has said it is looking at raising its 22 percent stake in Philex. Apart from First Pacific and state pension fund Social Security System, which has around 18-20 percent of Philex, Lacson said the remaining ownership structure of the company is "fragmented". Newspapers have said San Miguel Corp may be interested in gaining a stake as well, through allies. Philex, which has risen over 44 percent since Friday, was up 6.94 percent at 19.25 pesos at 0318 GMT, on heavy turnover of 34.9 million shares. (Reporting by Manolo Serapio Jr.) ((manolo.serapio@thomsonreuters.com; +632 841 8936; Reuters Messaging: manolo.serapio.reuters.com@reuters.net)) Keywords: PHILEX/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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