Source: Bloomberg

Ramon Ang, president of San Miguel Corp.

San Miguel Corp., the Philippines biggest food and drinks maker, is close to selling its hot-dog unit for more than $1 billion to the Campos family and a partner, two people with knowledge of the matter said.

San Miguel is in advanced talks with the Campos family and closely held tuna canner Century Pacific Group on terms of a joint offer for San Miguel Pure Foods Co., said the people, who asked not to be identified because the details aren¡¯t final.

"Talks are still ongoing,"San Miguel President Ramon Ang said in a mobile-phone text message end last week, declining to comment further.

Acquiring Pure Foods will give the buyers about 44 percent of the Philippine poultry market and 63 percent of the nation¡¯s hot dog sales. Pure Foods, purchased by Manila-based San Miguel nine years ago, has forecast profit to reach a record for the second year in 2010.