Manila Electric Company (Meralco) informed the stock exchange today that Pedro Roxas, one of the 3 nominees for the 2 slots for independent board director, has withdrawn.

This has assured the election of other nominees, former Chief Justice Artemio V. Panganiban, Vicente L. Panlilio, in the upcoming May 26 annual stockholder meeting of Meralco.

The country's biggest power retailer is required by law to allot 2 slots for independent director in its 15-man board.

Control of Meralco has been seen as contentious following the entry of 2 other power blocks, namely San Miguel Corporation and Philippine Long Distance Telephone Co. (PLDT). The Lopez family, who has controlled Meralco for decades by populating majority of the board with its allies, has joined forces with First Pacific-led PLDT.

Nominees from the PLDT-Lopez alliance include Meralco chairman and chief executive officer Manuel M. Lopez, and Meralco president and chief operating officer Jose P. de Jesus, PLDT president Napoleon L. Nazareno, PLDT director Ray C. Espinosa, and PLDT chair and First Pacific managing director Manuel V. Pangilinan.

Roxas, a sugar executive, is also a director in the board of PLDT.

Meanwhile, candidates from food-turned-power conglomerate San Miguel Corp. include Meralco vice-chair and San Miguel president Ramon S. Ang, and San Miguel's corporate secretary Estelito P. Mendoza.

Widely considered allied with San Miguel are othe nominees Alan T. Ortiz and Mario K. Surio who were nominated by the Government Service Insurance System (GSIS).

San Miguel acquired most of its Meralco shares, which has been upped to 43 percent, from GSIS.