Aug 13 (Reuters) - Philippines' First Gen Corp on

Thursday said a mandatory offer from KKR would value the

power producer at least around 165.44 billion pesos ($2.70

billion).

KKR has offered to buy an 8.43% stake in First Gen from its

parent First Philippine, likely triggering a mandatory

tender offer for the entire public float and is expected to

command a full control premium expected at about 46 pesos per

share.

($1 = 61.2330 Philippine pesos)