Philippines’ 3rd richest man Ramon Ang buys 25.68% Lopez Inc. stake amid family feud

Philippine business magnate Ramon Ang, the chairman and CEO of San Miguel, has acquired a 25.68% stake in Lopez Inc. in a move that aims to bridge a long-standing family feud within the company. Ang made the investment personally through his wholly-owned holding company, and the transaction's value remains undisclosed. Ang has a long-standing relationship with the Lopez family and expressed his belief in their businesses and their potential benefits from a steady partner.

The Lopez family, dating back to the 19th century, has built a sprawling business empire in sugar, shipping, power, media, and real estate. Their flagship corporations include Rockwell Land, ABS-CBN Broadcasting, and First Philippine Holdings. ABS-CBN, once the country's largest broadcaster, has been struggling with losses since Congress refused to renew its broadcasting franchise in 2020. First Philippine Holdings, in turn, owns the nation's largest geothermal energy producer, First Gen.

The acquisition of this stake by Ang follows a months-long family dispute between Eugenio Lopez III, the company's president, and his cousin Federico Lopez. The rift initially ensued over disagreements regarding further investments in ABS-CBN and the sale of a 60% stake in First Gen's gas business. Subsequently, a leadership battle ensued, culminating in a special board meeting that voted out Federico Lopez and a lawsuit filed by Eugenio Lopez III, which was later withdrawn.

Eugenio Lopez III gave reasons for the sale of his branch's stake, stating that it would help resolve the family feud and allow the family to redirect resources towards businesses aligned with its personal mission. Federico Lopez, on the other hand, welcomed Ang's investment, highlighting the value his experience could bring to the holding company.

Forbes reported that the Lopez family's fortune is estimated at $290 million, placing them at 40th on the magazine's list of the richest people in the Philippines, with Ang himself ranking third with an estimated net worth of $3.5 billion.