The offer, which values Del Monte Pacific at around US$420 million, will help both companies grow their food and juices business as well as further their international exposure, said San Miguel said in a statement.

NutriAsia, which is majority-owned by the family of Philippine businessman Joselito D Campos, will own 58 per cent of the joint venture, while San Miguel will have the remaining 42 per cent.

The takeover bid for Del Monte Asia was triggered by an agreement whereby MCI Inc, a company controlled by the Philippines' Lorenzo family, agreed to sell around 538 million Del Monte Pacific shares, or about 49.76 per cent of the Singapore-listed company, to NutriAsia.

The stake includes 310.8 million shares that MCI Thursday purchased from Del Monte Holdings, which is part of Italy's Cirio group.

Del Monte Pacific owns Del Monte brand rights for the Philippines and the Indian sub-continent, and also has long-term contracts to supply canned pineapple, juice and mixed tropical fruits to North America, Europe and the Far East.