Ayala Land and Metro Pacific restart Bonifacio stake talks

Philippine conglomerate Metro Pacific Corp. and local developer Ayala Land Inc. said they have restarted talks on a possible deal for Ayala to invest in Metro PacificÂ's Fort Bonifacio Global City project.

The announcement comes only days after a bid by Philippine tycoon John Gokongwei to buy a 50.4% stake in Bonifacio Land Corp. fell through. Metro Pacific currently owns 69.6% of Bonifacio Land, the joint venture partner of the Philippine government in the development of the 150-hectare Fort Bonifacio Global City in ManilaÂ's central business district.

It isnÂ't the first time Ayala Land has negotiated with Metro Pacific to buy into the project. Late last year, the two companies were in talks but no deal was reached due to disagreement on valuation.

(source: Ayala Land and Metro Pacific)

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