Philippine food and beverage giant San Miguel Corp has reduced its offer for a majority stake in Cosmos Bottling Corp to PHP 14 billion from PHP 15 billion after its due diligence study, a local newspaper reported. Citing unnamed sources, the "Philippine Daily Inquirer" said San Miguel wanted to slash the valuation of RFM Corp"s majority stake in Cosmos to PHP 5.80 per share from the original offer price of PHP 6.50 per share. San Miguel had agreed to buy RFM"s 83.2 percent stake in Cosmos on behalf of its joint venture with the Coca-Cola Co, Coca-Cola Bottlers Philippines Inc. Company officials were not immediately available for comment but San Miguel vice-chairman Ramon Ang had earlier claimed that the company had indicated it no longer wanted to pay PHP 15 billion to RFM after completing due diligence.