DEALTALK-Manila Electric sizzles, shareholder tussle not over

* More share gains likely as ownership tussle goes on

* Meralco gained 7.5 pct this mth, up about 240 pct this yr

* Rival groups to pursue shares in open market

* Competing bids designed not to trigger tender offer (For more Reuters DEALTALKS, click [DEALTALK/])

By Rosemarie Francisco

MANILA, Nov 16 (Reuters) - Manuel Pangilinan, one of the Philippines' most powerful corporate figures, looks to have gained the upper hand in the fight to own Manila Electric Co (MER.PS), ensuring the utility's shares will keep rising as the takeover tussle continues.

The closely followed battle for control over Manila Electric or Meralco, the Philippines' largest power retailer holding an extensive fibre optic network, pits Pangilinan, chairman of PLDT (TEL.PS), against Ramon Ang, president of San Miguel Corp (SMCB.PS)(SMC.PS).

Pangilinan, the chairman of Metro Pacific Investments Corp (MPI.PS), recently bought half the 13.4 percent Meralco stake held by First Philippine Holdings Corp (FPH.PS).

With the $471 million buy, Pangilinan upped his shares in the company and allowed his allies, the Lopez business clan who own First Holdings, to keep a hand in the business they have been running for decades.