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Business deals

Philippines' San Miguel to acquire major cement maker for $1.6bn

Acquisition will help conglomerate strengthen its infrastructure businesses

San Miguel will acquire 88.5% of Eagle Cement shares, offering about 22 pesos for each. (Photo by Yuichi Shiga)

MANILA -- Philippine conglomerate San Miguel will acquire Eagle Cement, also of the Philippines, for 97.4 billion pesos ($1.6 billion) in a move aimed at strengthening its infrastructure businesses, the company said on Tuesday.

San Miguel, originally a brewer, has recently expanded into infrastructure businesses such as airport and power development. The acquisition is apparently designed to beef up the company's ability to secure key materials for infrastructure projects.

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