Tan consolidates...

price from potential buyers,” said Victor Felix, an analyst at AB Capital Securities, Inc. in Manila. “Creating synergies for both carriers means that PAL is also intent on ramping up its domestic operations and get a larger piece of the market share.”

Under the deal, PAL will issue to Zuma owners Cosmic Holdings Corp. and Horizon Global Investments Ltd. 19 shares in exchange for one Zuma stock, according to the statement. Trading of PAL shares, which closed 2 percent higher on Thursday, was suspended.