“SM Investments Corporation (SMIC) cannot confirm the information in the news article as it is not the source of information cited in the article. SMIC does however confirm that it is not currently in any discussions or negotiations with Landers and its shareholders,” SM Investments said in a stock exchange filing on Thursday.
The Philippine Daily Inquirer’s Biz Buzz reported that SM was considering buying CVC Capital Partners’ interest in Landers operator Southeast Asia Retail Inc.
“The deal is very expensive, so [SM] wouldn’t be interested,” a source familiar with the matter told InsiderPH on Thursday.
The Inquirer reported that SM could spend nearly $200 million for an economic stake of about 49 percent.
A second industry insider said the Yu family, which controls Landers, was in discussions with lenders to finance the purchase of CVC’s stake.
CVC is reportedly preparing to divest its interest after partnering with Landers in 2021 as the retailer sought to accelerate its Philippine expansion.
The members-only warehouse chain sells bulk groceries and imported products and offers in-store dining and discounted fuel, placing it in direct competition with its larger rival, S&R, controlled by tycoon Lucio Co.
—Edited by Miguel R. Camus
