“I remain fully prepared for any outcome that will follow this peace overture and I will continue to fulfill my fiduciary duties to all shareholders in the companies of the Lopez Group,” Piki told shareholders during First Gen’s stockholders’ meeting on Thursday in response to a question by Malaya Business Insight reporter Jed Macapagal.
This came weeks after the Lopez majority withdrew a resolution removing him as president and chief executive officer of parent firm Lopez Holdings Corp.
The move marked the clearest sign yet of a possible thaw in the widening dispute, which has already spilled into courts, regulators and governance fights involving several Lopez Group companies.
Piki described the reversal as “a possible first step” toward resolving issues that have “unfortunately been dividing our clan,” adding he hoped it would lead to an “amicable, fair and lasting resolution.”
Mulitbillion dollar flashpoint
At the center of the feud are around P125 billion worth of gas and hydropower transactions between First Gen and Razon-led Prime Infrastructure Capital Inc., including controversial “change of management control” provisions criticized by the Lopez majority led by cousin Eugenio "Gabby" Lopez III as potential “poison pills.”
The Lopez majority earlier warned the provisions could expose the group and shareholders to penalties of up to P24 billion if Piki or designated executives were removed during a specified period.
Another source of tension within the Lopez family was Piki Lopez’s resistance to injecting fresh capital into ABS-CBN Corp., the media firm struggling with losses and debt years after losing its broadcast franchise in 2020.
Board approval defended
During the meeting, Giles Puno, president and chief operating officer of First Gen, defended the provisions and said they were unanimously approved by the board in February 2026, including independent directors and representatives of strategic investor KKR & Co. Inc..
“KKR’s board representative was present during the board meeting, as were all the other directors, with the deal receiving unanimous approval following several questions, clarifications, deliberations, and analysis among the directors,” Puno said.
Before the Lopez majority withdraw away from Piki’s ouster, 12 family members had signed an April 27 joint statement supporting his removal over an alleged loss of trust and confidence.
Among the signatories was Manuel Lopez Jr., also known as “Beaver” Lopez, a director of First Gen.
Puno said the agreements were structured to protect the company’s long-term interests and ensure continuity during the development of the large-scale energy projects.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
