MVP group seals crucial Meralco pact with Lopez company.

Byline: Paolo G. Montecillo

PHILIPPINE LONG DISTANCE Telephone Co. has finalized a deal with First Philippine Holdings Corp. (FPH) that will block any outside attempt to take over the countrys largest power distributor Manila Electric Co. (Meralco).

FPH of the Lopezes, together with companies identified with businessman Manuel V. PangilinanPLDT, Pilipino Telephone Corp. (Piltel) and Metro Pacific Investments Corp. (MPIC)on Monday said they had finalized on Nov. 20 an agreement that would bar the sale of FPH shares in Meralco to parties other than those belonging to the PLDT bloc for three years.

Under the agreement, some shares may be sold to others as long …