Ramon Ang, the cavalry of one

And there it is: the announcement has been made.

Tycoon Ramon “RSA” Ang, as I hinted in past columns, becomes the white knight that saves the troubled Lopez empire or, at least, provides the third-generation cousins a way out of their ugly war.

He acquired the stake of Gabby Lopez III’s family in Lopez Inc., which in turn, gives Gabby, the former CEO, chairman and chairman emeritus of ABS-CBN, the war chest to save the troubled media giant that has always been his baby.

I asked RSA if he would also acquire the respective stakes of the other branches, namely those held by the families of Oscar and Manolo Lopez.

But, he said, “they are not selling.”

Perhaps they are still undecided about their options.

Gabby, on the other hand, must have realized that he had to make the first bold step.

In a statement yesterday, Gabby said that Crème Investment Corp., the holding company through which his branch of the family owns a 25.7 percent stake in Lopez Inc., has completed the sale of that shareholding to RSA.

RSA, the statement said, invested in his personal capacity.

The transaction can be valued at P11 to P12 billion (25.7 percent), based on the reported valuation of P45 billion for the entire Lopez Inc.

In the statement, Gabby said he sold for two reasons:

“The first is my family,” he said.

“This dispute has not been good for any of us, or for the people who work in our companies. This allows us to take a step toward the restoration of family peace.

“The second is that it allows me to channel our family’s resources into businesses aligned with our personal mission. We will announce more on this in due time. Our families have known Ramon a long time. I am confident he will be a good partner to Lopez Inc.”

RSA, for his part, said that he has known the Lopez family for decades.

“Not one branch of it, but all of them. I am a friend to each, and I intend to stay that way. I came in because I believe in these businesses, and because a steady partner at the table can be good for everyone around it,” he said.

Still Lopez-led

RSA also said that the family branches that continue to hold the controlling majority of Lopez Inc. will continue to lead it.

“My interest is that the group comes out of this stronger,” RSA said.

Initially, the buzz in the grapevine suggested that all the Lopez cousins would sell their respective shareholdings to RSA, but a member of one branch told me they are still undecided.

Another source said the cousins wanted to retain control of Rockwell and ABS-CBN.

Here’s a background on Lopez Inc. that I previously wrote.

It is owned by the four branches of the Lopez heirs, through each branch’s respective private holding companies: Presentacion Lopez-Psinakis branch through Presta Holdings Company Inc. (15.98 percent); Oscar Lopez branch through Croslo Holdings Corp. (29.17 percent); Manuel Lopez branch through Mantes Corp. (29.17 percent) and Geny Lopez branch through Crème Investment Corp. (25.68 percent).

Each of the four branches of heirs has representatives on the board of directors of Lopez Inc. in proportion to its respective stockholdings through Presta, Croslo, Mantes and Crème.

The heirs and their corresponding representatives on the board are as follows:

Presta: Lauro Eugenio Panganiban III, Maria Eugenia Brown and the estate of Michael Psinakis.

Presta’s 15.98 percent stock ownership in Lopez Inc. is represented by one seat on the board, currently held by Maria Eugenia Brown.

Croslo: Oscar Lopez Jr., Federico “Piki” Lopez, Benjamin Lopez, Mercedes Lopez-Vargas, Elvira Carmen Lopez-Bautista, Beatrice Eugenia Lopez-Puno, Maria Presentacion Lopez-Abello and Angela Cristina Lopez-Guingona.

Croslo’s 29.17 percent ownership is equivalent to two seats on the board, currently occupied by Piki Lopez and his brother Benjamin Lopez.

Mantes: Manuel Lopez Jr., Miguel Ernest Lopez, Martin Lopez and Maita Lopez-Lichuaco.

Mantes’ 29.17 percent translates to two seats on the board, currently occupied by Miguel Ernesto Lopez and Martin Lopez.

Crème: Eugenio “Gabby” Lopez III, Regina Paz Lopez, Maria Rosario Lopez, Rafael Lopez, Roberta Pilar Lopez, Ernesto Miguel Lopez and Ramon Javier Lopez.

Prior to the sale, Crème had a 25.68 percent stock ownership in Lopez Inc. and was represented by two seats on the board, currently occupied by Gabby Lopez and his brother Rafael Lopez.

End of an era?

This deal is far from over and details are still being ironed out, sources said, but here’s what I know for sure – it’s a bold decision for Gabby Lopez to let go of his family’s stake in Lopez Inc.

This is reminiscent of the time the Lopezes also lost Meralco, the family’s crown jewel.

I never really imagined that Gabby Lopez would one day sell, but the family feud has definitely pushed the cousins into a fight they could not easily back out of, even if they wanted to.

To think it all started with a much-needed cash infusion for ABS-CBN, which Piki Lopez refused (after already agreeing to an initial infusion).

But it doesn’t have to be the end for Gabby Lopez.

With the money, Gabby can now reinvest his sale proceeds in ABS-CBN and turn the media company around.

In the process, Gabby may yet be the one to save the family’s other crown jewel.

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