The Philippine Competition Commission (PCC) has approved the purchase by conglomerate Udenna Corporation of a Dutch company that will give its owner, Dennis Uy, a majority stake in shipping company 2GO Incorporated after it complied with the Commission’s demands.
The PCC previously nullified Udenna’s purchase of the entire outstanding capital stock of KGLI-BV and imposed a 19.6-million pisos (US$377,255) fine as the deal was finalized without clearance from the Commission.
Udenna and KGLI-BV filed their notification on March 23 and entered PCC review on April 5. The firms also paid the fine on April 19 at the National Treasury as part of the compliance order, said the PCC.
“While we reiterated that we acted in good faith in consummating the transaction based on our interpretation of the then newly issued rules, we respected the decision and submitted to the process of having the transaction approved,” Adel Tamano, vice president for corporate affairs at Udenna, said in a statement.
After the firms’ compliance, the PCC wrote in its decision that Udenna’s acquisition of the outstanding stock of KGLI-BV “is not likely to result in lessening of competition within the Philippine market,” as there are no existing overlaps between the parties.
Full Content: CBN
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
