Mitsubishi Corp., one of Japan’s largest trading companies, will spend up to 44.6 billion pesos ($711 million) to triple its stake in Ayala Corp., the oldest Philippine conglomerate controlled by tycoon Jaime Zobel de Ayala and his family.Under the deal, Mitsubishi will buy 68.6 million primary and secondary shares at 650 pesos each, boosting its stake in Manila-based Ayala to 15% from 4.7%. While the Tokyo-listed company is paying a 22% premium to Ayala’s closing price on Monday when the deal was announced, Ayala........

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