(UPDATE) San Miguel may sell part of major units in restructure

SMC serves up a second corporate shake-up Reuters The Philippines' San Miguel surprised investors on Thursday with plans for a new corporate shake-up that may see it sell part of its core food unit and more of its flagship beer operations. "The restructuring may require the divestment of part of our interest in our major subsidiaries through either an IPO or follow-on offering and strategic partnerships with existing partners and other industry leaders," Chairman Eduardo Cojuangco told a shareholders' meeting in Manila. "In the event that we do pursue such a partnership, San Miguel would retain controlling interest of at least 51 percent." Southeast Asia's largest food and drinks group has yet to win over fund managers to a previous strategic shift, announced last year, that saw it list its domestic beer unit and declare an... [read full story]