Philippine Airlines (PR, Manila Ninoy Aquino International) majority shareholder, Lucio Tan, has announced plans to further consolidate its grip on the company with plans to buy out minority shareholders in the carrier's parent PAL Holdings Inc.

As a result of its USD1.1billion buyout of San Miguel last month, Tan now owns a 89.78% stake in PAL Holdings through its ownership of Trustmark Holdings Corp. PAL Holdings in turn owns 98.27% of Philippine Airlines through PR Holdings Inc.

PAL Holdings said in a filing to the Filipino bourse that Buona Sorte Holdings Inc (BSHI) and Horizon Global Investments Ltd. (HGIL), two companies associated with Tan, had offered to acquire the shares of other minority shareholders in the company.

"BSHI and HGIL, will make the voluntary tender offer in order to give the minority shareholders of PAL Holdings and Philippine Airlines the chance to sell their shares at the same economic terms and conditions as agreed with San Miguel Equity Investments Inc.," it said.

BSHI and HGIL acquired 9% and 40% respectively of the 49% stake San Miguel Equity Investments Inc. had held in Trustmark Holdings Corp. before its divestment.