The Lopez group’s divestment of part of its remaining shares in Manila Electric Company (Meralco) ignited an electrifying “price war” among the country’s tycoons, with the group of Henry Sy reportedly posting a highly-attractive offer of P300 per share.

With the country’s top billionaire bringing that purchase offer to the table, Metro Pacific Investments Corporation (MPIC) chairman Manuel V. Pangilinan jumped in to clearly demarcate his territory, claiming that his group still holds the “right of first refusal” in the sale process.

Nevertheless, Pangilinan indicated that his group is highly compelled to match the offer of Sy’s Triratna Holdings Corporation.

The entry of Sy in the “bidding war” for the country’s largest power utility firm also marked renewed alliances, as it is widely known that Triratna also has Ramon Ang of San Miguel Corporation as a key shareholder.

SMC had always set its sights in taking control of Meralco, and it has been watchfully taking its move to achieve that goal.

When asked in a text message if SMC president Ang is keeping his interest in acquiring more Meralco shares, his crisp answer was “yes,” refusing to elaborate at this point what strategies they will be having in the process.

In SMC’s diversification path into the energy sector, taking control of Meralco has been the main course they have been diligently working on, with Ang believing that more potential can still be drawn out from the utility company.

SMC and its allies already control 43 percent in Meralco; and if it can outstrip Pangilinan’s group in this round of acquisition, the Ang-Sy alliance may already emerge conveniently as the biggest shareholder in the utility firm with roughly 50 percent equity.

After this sale, the Lopez group still has remaining 6.7 percent shareholdings in Meralco; while Pangilinan’s MPIC, Philippine Long Distance Telephone Co. and Pilipino Telephone Corporation will have about 43 percent.

FPHC chief information officer Francis Giles B. Puno on Friday confirmed the receipt of a letter from Henry Sy Jr.’s group stating interest “to purchase First Holdings’ shares in Meralco.”

The company noted “the proposal will be brought to the board of First Holdings, on November 5, 2009, for deliberation in light of the discussions currently ongoing with Metro Pacific Investments Corporation.”

FPHC chairman Oscar Lopez previously indicated that the company decided to sell half of its remaining equity shareholdings in Meralco to take advantage of “good offers;” but pre-emptive rights is vested upon MPIC to have its first crack on the sale offer.

His brother, Meralco chairman and CEO Manuel M. Lopez said the decision to sell was hinged on two compelling reasons: For FPHC to address maturing debts and to take advantage of attractive price offers.

“FPHC’s decision to sell was based on their need to address some of their debt obligations and at the same time to take advantage of the favorable price. That must be their reason, but the more compelling one is to address their maturing debts,” he stressed.

Triratna Holdings first set its sights as prospective concessionaire when National Transmission Corporation (TransCo) was still under privatization. The group then partnered with Tenaga Nasional Berhad of Malaysia, but they were not successful in that exercise.

Apart from Sy and Ang, the other prominent business personality in Triratna Holdings is Joselito Campos of food conglomerate NutriAsia.