Philippine tycoon Lucio Tan mulls sale of Philippine Airlines

Tycoon Lucio Tan may sell his majority stake in Philippine Airlines, the country’s national carrier, after investors approached the company with an offer.

Tan owns a 51% stake in Philippine Airlines and its parent, PAL Holdings, which confirmed on Tuesday that investors had approached the tycoon's group with an interest in buying a 51% stake in both PAL Holdings and Philippine Airlines.

“Lucio Tan’s group is seriously looking into the proposal,” it said in a statement, in response to local media reports about the potential sale, without elaborating.

One report, cited in the statement, said that Ramon Ang’s San Miguel Corp SMC has entered...