Philippines' Metro Pacific to acquire third of coconut firm for US$98mil

MANILA, Feb 6 (Reuters): Philippine conglomerate Metro Pacific Investments Corp is buying one-third of Axelum Resources Corp for 5.32 billion pesos (US$97.7 million), the coconut products manufacturer and exporter said on Monday.

Reuters earlier on Monday reported that Metro Pacific, which is expanding its agribusiness portfolio at a time of high commodity prices, was in talks to acquire a significant stake in Axelum, according to two sources with knowledge of the deal.