The Hong Kong-based holding company, which also has interests in the Philippines telecommunications sector and property, owns more than half of Indofood, the world's biggest instant noodle maker.

Yesterday it acquired 40 per cent of the shares of Singapore-listed Del Monte Pacific from Italian owners Cirio for US$163.6 million.

The firm said it will move to control the whole company after the launch of a tender offer, which would make it a major player in the region's food industry.

"If First Pacific succeeds in acquiring full ownership of Del Monte, it will seek to align certain aspects of the businesses of Del Monte with those of Indofood, the largest vertically integrated, processed food-company in Indonesia," First Pacific said in a statement.

Del Monte is one of the world's leading processors of canned pineapple, with 60 per cent of its revenue coming from export markets. Its sales have risen 15 per cent this year, thanks to strong sales to North America and in the Philippines, combined with higher pricing.

However a sharp drop in third quarter profits - 39 per cent - reveal that it is also feeling the effects of higher raw material, packaging, labour and energy costs. It also cited lower than expected sales in China and India.

Cirio's stake in Del Monte Pacific was due to be sold last April to Lucio Tan, one of the Philippines' most important business people, but the sale collapsed in a dispute over terms.

The First Pacific deal may still be blocked by the Philippines' Lorenzo family, which owns 21 per cent of Del Monte Pacific and has an option to match the offer price. The Singapore government owns about another 10 per cent of Del Monte Pacific.