ARIADNE UNIT CONFIRMS BID FOR SAN MIGUEL

  Ariadne group unit &lt;Barwon Farmlands
  Ltd> confirmed it offered 3.8 billion pesos in cash for the 38
  mln shares of Philippine brewing company &lt;San Miguel Corp>.
      The Australia-based Barwon, 30 pct owned by New Zealander
  Bruce Judge's Ariadne group, said in a statement released in
  Hong Kong that a formal offer had been made to the Philippines
  government, which holds the shares.
      It said it was confident the offer will be reviewed
  favourably.
      Newspapers in Manila and Hong Kong reported at the weekend
  that an offer had been made.
      Barwon said it was represented by Australian stockbroker
  &lt;Jacksons Ltd>, which forwarded a formal offer to Philippine
  President Corazon Aquino of 100 pesos for each of the 38.1 mln
  A and B shares of San Miguel.
      The Philippine government seized the shares, which
  represent a 31 pct stake in the brewery firm, from the &lt;United
  Coconut Planters Bank>, alleged by the government to be linked
  with the country's deposed President Ferdinand Marcos.
      The Barwon statement said a deal is expected to be
  concluded between Barwon and the Philippines government in 14
  days.
      Barwon also said it made recommendations to the government
  on how it could purchase the class A shares, which can only be
  held by a Philippine national or a firm which is at least 60
  pct held by a member of the country. It did not elaborate.
      The Hong Kong Economical Journal quoted a spokesman of
  Jacksons as saying Barwon plans to set up a branch in the
  Philippines to meet the criteria.
      &lt;San Miguel Brewery Ltd>, a locally listed firm 69.65 pct
  held by San Miguel's &lt;Neptunia Corp> affiliate, was last traded
  at 16.30 H.K. Dlrs against 15.50 dlrs on Friday.
  

