San Miguel Corporation (PSE:SMC) agreed to acquire 88.5% stake in Eagle Cement Corporation (PSE:EAGLE) from Far East Cement Corporation, Ramon S. Ang, John Paul L. Ang, and Monica L. Ang. for PHP 97.4 billion on October 4, 2022. San Miguel Corporation (PSE:SMC) signed a share purchase agreement to acquire 88.5% stake in Eagle Cement Corporation from Far East Cement Corporation, Ramon S. Ang, John Paul L. Ang, and Monica L. Ang. for PHP 97.4 billion on October 5, 2022. San Miguel Corporation will pay PHP 22.05 per share. The Board of San Miguel Corporation approved the deal. The transaction is subject to approval from Philippine Competition Commission, tender offer and Customary closing conditions. As a result of San Miguel Corporation is required to conduct a mandatory tender offer of the shares of ECC held by its minority shareholders who hold 11.50% stake in Eagle Cement Corporation. As per the announcement of October 28, 2022, the transaction is not subject to the notification requirements under the Implementing Rules and Regulations of the Philippine Competition Act.

San Miguel Corporation (PSE:SMC) completed the acquisition of 88.5% stake in Eagle Cement Corporation (PSE:EAGLE) from Far East Cement Corporation, Ramon S. Ang, John Paul L. Ang, and Monica L. Ang. on December 14, 2022.