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Philippine Airlines to Take 49% Stake in New Cambodian Carrier

Philippine Airlines Inc. is planning to take a 49% stake in a new Cambodian airline, according to San Miguel Corp. (SMC.PH), which shares control of the Philippine carrier with the group of billionaire Lucio Tan.The announcement, in a statement Thursday to the Philippine stock exchange, was in response to earlier media reports that said San Miguel was planning to take a direct 49% stake in Cambodia Airlines.Cambodian tycoon Kith Meng, chairman of the Royal Group, a hotel, media and telecommunications company, will hold a 51% stake in the new carrier, according to the reports.San Miguel, a food-to-power conglomerate, holds a stake in Philippine Airlines through its 50% share of Trustmark Holdings Corp. Trustmark, in which Mr. Tan holds the other 50% stake, owns 99.45% of PAL Holdings Inc. (PAL.PH), a listed investment holding firm that holds 81.57% of the carrier.Write to Cris Larano at cris.larano@dowjones.comSubscribe to WSJ: http://online.wsj.com?mod=djnwiresCopyright © 2013 Dow Jone...

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  4. Cadence Financial Cans Trustmark Deal, Now Being Acquired by Community Bancorp

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