URC completes takeover of Nestle Water

Gokongwei-led Universal Robina Corp. on Monday announced that it has completed its $5-million acquisition of Nestle' Water Philippines Inc., saying it has also bought the firm's water source and manufacturing site for about P7.5 million. In a statement posted at the website of the Philippine Stock Exchange, the company said that in connection with the transaction, it has bought all the shares of stock of South Luzon Greenland Inc. "SLGI was incorporated on September 23, 1995 for the purpose of extracting, developing and supplying water resources, holding water rights and owning, constructing and operating machineries, systems and other waterworks structures," URC said. Last month URC bought Nestle' Waters for "about $5 million" which it has said will be sourced from internally-generated funds. The deal involves URC's takeover of the manufacturing assets and trademarks of Hidden Spring and Nestle Pure Life. Under the agreement, URC will bottle and sell the Nestle Waters trademarks respecting the Nestle quality guidelines.-GMANews.TV