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Business

Philippines' San Miguel bundles food, beer, liquor units in $6.6bn deal

Shares of the holding entity surged 50% after announcement

San Miguel Flavored Beer, a product of San Miguel Brewery, are on sale at a supermarket in Manila.   © Reuters

MANILA -- Philippine conglomerate San Miguel on Monday said it would combine its food, beer and liquor units into a single entity under a 336.35 billion pesos ($6.55 billion) share-swap transaction.

In a stock exchange filing on Monday, the Philippines' largest company by revenue said it would fold San Miguel Brewery and liquor maker Ginebra San Miguel into San Miguel Pure Foods, which sells poultry and dairy products, processed meat and animal feeds. San Miguel Pure Foods will be renamed San Miguel Food and Beverage.

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