Ang, chairman and CEO of Philippine conglomerate San Miguel, bought the stake from Crème Investment Corp., the holding company representing one of the family’s four branches, led by Eugenio Lopez III.
Ang made the investment in his personal capacity through his wholly owned holding company. The parties did not disclose the value of the transaction.
“I have known the Lopez family for decades. Not one branch of it, but all of them. I am a friend to each, and I intend to stay that way,” Ang said in a statement cited by the Inquirer. “I came in because I believe in these businesses, and because a steady partner at the table can be good for everyone around it.”
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San Miguel Corporation chairman Ramon Ang. Photo from Facebook/Ramon S. Ang |
The Lopez family’s business roots date back to the 19th century, when it built its fortune in sugar and shipping before expanding into power, media and real estate. Its rise has long been intertwined with the country’s economic history.
The business empire comprises property developer Rockwell Land and ABS-CBN Broadcasting, once the Philippines’ largest broadcaster but which has been accumulating losses since Congress declined to renew its broadcasting franchise in 2020.
It also includes First Philippine Holdings, whose key asset First Gen owns the country’s largest geothermal energy producer Energy Development Corp.
Ang’s acquisition comes amid a months-long feud between Eugenio and his cousin Federico Lopez, who serves as Lopez Inc.’s president and heads another family branch that owns 29.17% of the company.
The cousins fell out earlier this year over several flashpoints, including further investments in ABS-CBN Broadcasting and the sale of a 60% stake in First Gen’s gas business to billionaire Enrique Razon Jr.’s Prime Infrastructure for 50 billion pesos (US$818 million).
The rift escalated into a leadership row at the firm, including a special board meeting in February to vote out Federico and a lawsuit filed by Federico challenging the resulting board resolution.
The resolution seeking his removal was withdrawn in May, but disputes over the group’s governance and major energy transactions persisted.
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Federico “Piki” Lopez (L) and Eugenio “Gabby” Lopez III. Photo from Inclusive Capitalism’s website and Wikimedia Commons |
Eugenio gave two reasons for the sale of his branch’s entire stake, one of which was to help resolve the family feud.
“This dispute has not been good for any of us, or for the people who work in our companies,” he said, as quoted by PhilStar. “This allows us to take a step towards the restoration of family peace.”
He added that the sale would also allow his family to channel resources into businesses that align with its “personal mission.”
Federico welcomed Ang’s investment, saying his experience could add value to the holding company.
Forbes estimated the Lopez family’s fortune at $290 million, ranking them 40th on the magazine’s list of the richest people in the Philippines.
Ang, meanwhile, placed third on the same list with an estimated net worth of $3.5 billion. San Miguel, of which Ang is the controlling shareholder, is also one of the oldest conglomerates in the nation.
Since its establishment as a brewer in 1890, San Miguel has become a leader in food and beverages, though power and infrastructure businesses now generate the bulk of its revenue. Its portfolio includes Petron, which operates the Philippines’ sole oil refinery.