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Another Try at Sale: The Philippine government...

Another Try at Sale: The Philippine government is seeking a negotiated sale for Nonoc Mining & Industrial Corp., after two public tenders earlier this year failed to draw an acceptable bid for the mothballed nickel refinery and mine.

The Asset Privatization Trust, which is responsible for the sale, has invited offers by March 15 from Dallhold Nickel Management, a subsidiary of Australian businessman Alan Bond’s family investment company; Falconbridge Inc. of Canada; White Rock Corp., which the trust says is acting for South Korean interests, and Jesus Cabarrus, the 79-year-old former owner of Nonoc, who is claiming in court that government banks foreclosed illegally in 1983.

The trust rejected bids from Dallhold at the two earlier tenders, which exceeded the government’s $300-million indicative price, because they were not accompanied by the required deposits.


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