The Philippine Competition Commission (PCC) voided Chelsea Logistics Holdings Corp’s (CLC) acquisition of Trans-Asia Shipping Lines due to the companies’ failure to notify the antitrust body about the deal.
In a statement, the PCC announced it also imposed a fine after Dennis Uy’s Chelsea Logistics and Trans-Asia failed to inform the competition watchdog about the transaction in December 2016.
The nullification came as part of a conditional clearance for another related acquisition by CLC, a company which PCC said overlaps or directly competes with Chelsea’s Trans-Asia operations.
The nullification and the conditional clearance were detailed in two separate PCC decisions dated June 28, but made public on Tuesday, July 3. A copy of these decisions are available online.
This marks the second deal that PCC has voided a deal due to non-notification.
Full Content: Business Inquirer
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