Share plunged as traders adjusted targets after the lower than expected acquisition price ahead of an anticipated tender offer to minority stockholders of CHP.
The Consunji Group is buying CHP’s parent firm, Cemex Asian South East Corp., for about 17.6 billion. DMCI shares shed 0.73 percent to P10.86 each as the broader Philippine Stock Exchange Index slipped 0.1 percent.
CHP is the country’s No. 4 cement maker, giving the Consunjis a significant footprint in the highly competitive industry.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
