Metro Pacific sinks in early trade
MANILA, Nov 9 (Reuters) - Metro Pacific Investment Corp plunged in early trade on Monday as investors voted against its deal to buy a 6.7 percent stake in Manila Electric Co (MER.PS: Quote, Profile, Research).
The stock was down 5 percent soon after the open at 2.85 pesos.
"The perception is they have paid more (than they should have) for Meralco (Manila Electric)," said Oliver Plana at Asiasec Equities Inc.
Metro Pacific, a unit of Hong Kong's First Pacific (0142.HK: Quote, Profile, Research), agreed last week to pay First Philippine Holdings (FPH.PS: Quote, Profile, Research) 300 pesos per share for the Manila Electric stake.
Manila Electric was up 5.15 percent to 204 pesos in early trade after falling on news of the deal last week. First Philippines was down 1.79 percent to 55 pesos.
(Reporting by Raju Gopalakrishnan)
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