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Ashmore fund offers $827 mln for rest of Manila

June 16, 2008 : Permanent Link

MANILA (Reuters) – A unit of investment fund Ashmore Group said on Friday it has offered to buy the remaining 60 percent stake in Philippine oil refiner Petron for nearly $827 million, which would give it full control of the company.

SEA Refinery Holdings B.V., a company owned by Ashmore Investment Management Limited, agreed to buy a 40 percent stake in Petron for $550 million from Saudi Aramco earlier this year.


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