MANILA, Philippines - After a failed attempt to snag British snacks maker United Biscuits, diversified conglomerate San Miguel Corp. has instead settled for a local biscuit manufacturer.
In a disclosure to the local bourse, the food and beverage unit of San Miguel said it has entered into an intellectual property rights transfer agreement with Filipino-owned biscuit company Felicisimo Martinez and Co. Inc.
San Miguel Pure Foods Co. Inc.(SMPF) said it would acquire the trademarks, formulations, recipes and other intangible properties relating to the manufacturer’s La Pacita biscuit and flour-based snack business.
“The completion of the transaction is still subject to the fulfillment of certain terms and conditions,” SMPFC said.
Felicisimo Martinez and Co. has been manufacturing cookies and crackers under the La Pacita brand for over 90 years.
San Miguel president Ramon Ang has earlier said it has failed to make the shortlist of bidders for United Biscuits, owner of brands such as Jaffa Cakes and Twiglets.
SMPF posted four percent higher revenues in the first three quarters of the year to P74.4 billion, driven by robust revenue growth across all business units.
SMPF is into dairy, agro, milling and processed meats businesses.