Shares in San Miguel Corporation – the largest Philippine food and drinks company, have dropped the most in six weeks in Manila trading after saying it may take control of local lender Bank of Commerce. The food and beverage company's B shares, which have no ownership restrictions under Manilla market rules, slumped 2.2% to close at 45 pesos in Manila recently – taking this year's decline to 24% And the company's Class A shares, which are reserved for Filipinos, slid 1.1% to 43.50 pesos, a five-day low. UK analysts believe that the huge brewery is a potential takeover target for Western breweries wanting to increase their market share in Asia. What's more, the attempt to take control of a bank has not gone down well with spectators in the Philippine's. Alex Pomento, strategist at the Manila-based unit of Macquarie Group Ltd said: “San Miguel's strategy of diversification is turning out to be `di-worsification. “Banking is a crowded industry and this is not a pioneering move that fits with their ambition of expanding into fast-growing areas.'' The strategist was also critical after profit surged 150% in the first quarter, boosted by asset sales. Net income rose to 11 billion pesos ($257m) in the three months ended March. The Manila-based company posted a 4.33 billion peso profit in the same period last year.