May 15, 2009

 

The powerful Lopez family is heading for a precipitous emotional cliff that could lead to the break-up of its diverse corporate empire.

 

 

 Manolo Lopez

 

Yesterday’s statement from the son of Manuel “Manolo” Lopez disputing the disclosure of family patriarch Oscar Lopez about the former’s alleged impending retirement as chief executive of the Manila Electric Co. gave a rare glimpse into the depth of the disagreement in the clan, not seen since the time of brothers Fernando and Eugenio Sr. in the sixties.

 

According to the grapevine, Manolo was still hurting from the Osca-side decision to whittle down the Lopez shareholdings within Meralco that the younger brother did not even bother to greet Oscar on his birthday last April 19.

 

Earlier, Manolo called up Benpress publicist Boo Chanco asking that he retract his claim in his Philippine Star column that Manolo now, grumbling within media’s earshot had been consulted every step of the way on the Meralco sale.

 

Failing to extract the retraction, the Manolo side then leaked to the Philippine Daily Inquirer a countervailing story that Manolo visited his father’s grave and wept, bewailing the alleged betrayal he had suffer from his elder brother.

 

Given that the burst of public exchanges now involve even the nephews, the growing chatter is that the family’s private holding company Lopez Inc. is headed for a break-up most likely after the May 26 Meralco shareholdings’ meeting.

 

How the feared break-up would cascade to Benpres, ABS-CBN and other listed energy companies should be a rare buffet fare for the predatory funds.