Meralco takeover a 'done deal'.

(From Philippine Daily Inquirer)

Byline: Ronnel W. Domingo

THE GOVERNMENT takeover of the Manila Electric Co. is a "done deal" and government nominees will take the top seats in its board of directors, the leader of a consumer group said yesterday.

Alain Pascua, national chair of the Katipunan ng mga Anak ng Bayan-All Filipino Democratic Movement (or Kaakbay), said the takeover was expected to be implemented within the week.

"We have received reports that Oscar Reyes, a close associate of Finance Secretary Jose Isidro Camacho, will replace Manuel Lopez as Meralco chair," Pascua said in a phone interview. "It is also possible that Camacho, …